Union Budget 2024 | 'Govt should actively support MSMEs in digitisation processes'

Chennai: Confederation of Indian Industry National MSME Council Co-Chairman Ponnuswami on Monday said the government should actively support micro, small and medium enterprises, in their digitisation processes.

Expressing his view on the Economic Survey presented by Union Finance Minister Nirmala Sitharaman, Ponnuswami said there needs to be an effort through close coordination between the Ministry of Commerce, Ministry of MSMEs and Ministry of External Affairs to help MSMEs access new markets, especially in the case of first time exporters.

"The government needs to continue actively supporting MSMEs in their digitisation processes and implementing Industry 4.0," he said in a statement.

Ponnuswami said MSMEs have plenty of opportunity for growth in Defence, Electronics, EV manufacturing.

"The government needs to undertake outreach programmes in Tier-2, Tier-3 and rural areas," Ponnuswami, who is also the Chairman and Managing Director of Pon Pure Chemical India Pvt Ltd said.

"We appreciate the enhancement of credit access to MSMEs through Credit Guarantee Fund Trust for Micro and Small Enterprises, by raising the guarantee limit of Rs 2 crore to Rs 5 crore. The disbursement of Rs 3,000 crore of NSIC Venture Capital to MSMEs in FY24 was a significant achievement," he added.

Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.