{"id":16863,"date":"2021-01-27T17:50:00","date_gmt":"2021-01-27T12:20:00","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=16863"},"modified":"2021-02-05T14:52:45","modified_gmt":"2021-02-05T09:22:45","slug":"budget-2021-expectations-5-things-small-businesses-want-from-the-budget","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/budget-2021-expectations-5-things-small-businesses-want-from-the-budget\/","title":{"rendered":"MSME Budget 2021 Expectations: 5 Things Small Businesses Want"},"content":{"rendered":"

It\u2019s officially time for the Government to prepare the MSME Budget 2021. This year’s budget is crucial to address the impact that COVID has left on the country\u2019s business sector.\u00a0<\/span><\/p>\n

Expected to be announced on February 1st 2021, here are some of the MSME budget 2021 expectations from small businesses in India.\u00a0<\/span><\/p>\n

4 key issues that will impact MSME budget 2021 expectations –\u00a0<\/span><\/h5>\n
    \n
  1. Fiscal interventions are necessary<\/li>\n
  2. Constraints in the Government\u2019s execution capacity<\/li>\n
  3. Increased focus on state government budgets since they spend 70%-90% more than the Central Government\u00a0<\/span><\/li>\n
  4. MSMEs still in deep debt and in need of financial assistance to continue business\u00a0<\/span><\/li>\n<\/ol>\n
    \n

    MSME Budget 2021 Priority – Help MSMEs get back on its feet<\/p>\n<\/blockquote>\n

    More campaigns like Atma Nirbhar<\/h2>\n

    The Aatmanirbhar scheme<\/a> is also expected to help boost MSMEs with increased skill development programs. The handloom industry saw sudden growth through different \u2018vocalforlocal\u2019 campaigns. Therefore, small businesses want the Government to continue growing focus in rural areas and expanding infrastructure in rural towns, through NREGA spending and support to agriculture.<\/p>\n

    “Healthcare focus will revolve around expenditure on vaccination along with the expansion of healthcare infrastructure in semi-urban\/rural areas,” Harsha Upadhyay – Kotak Mahindra<\/span><\/p>\n

    Small businesses also expect tax exemption, interest reduction, and power subsidy for rural entrepreneurs.<\/p>\n<\/blockquote>\n

    Skill Development and Digital Literacy
    \n<\/span><\/h2>\n

    Small businesses in the country are hoping the Government will make digital literacy<\/strong> a focal point in the plan to revive the MSME sector. <\/span><\/p>\n

    In a 2021 forward-looking report<\/a><\/span>, we found that entrepreneurs are looking to actively upskill so they can be better prepared for pandemics. You can find the link to the free report in the description below. MSMEs hope there is access to free online learning resources and more initiatives like \u201cSkill India\u201d\u00a0<\/span><\/p>\n

    Also, the government should pay immediate attention to Startups and small business workforce with ease of compliance burden.<\/p>\n

    The Government could also help fill in gaps in the MSME workforce. How? Formalising employment benefits to workers who migrated back to their hometowns, making it possible and beneficial for them to return to work.<\/p>\n

    \n

    #Budget2021<\/a> | \u201cA lot of good work is been done on improving ease of doing business, a lot more needs to be done on the cost of doing business and the government is working on it\u201d: TV Narendran, CEO and MD, Tata Steel Ltd#BudgetWithNDTV<\/a> pic.twitter.com\/KhNmgGLXPk<\/a><\/p>\n

    \u2014 NDTV (@ndtv) January 27, 2021<\/a><\/p><\/blockquote>\n