New Delhi February 1, 2021
Nirmala Sitharaman, Union Finance Minister in the Union Budget of 2021 has provided a sanction of ₹ 15,700 crores for the MSME or the Ministry of Micro, Small, and Medium Enterprises.
More than double the budget as compared to the previous year has been shelled out for the MSME sector in the Union Budget of 2021. This was done in a bid to support the sector said the Union Finance Minister. Nirmala Sitharaman, presented the Union Budget for 2021 today.
She added that under the scheme of Stand-up India that had been instituted for the Scheduled Caste and Tribes as well as women, more credit flow would be available. The requirement for margin money would be reduced from 25 to 15 percent and loans for related agricultural activities would be facilitated.
Six important facets have emerged in the Union Budget of 2021. They are financial and physical capital and infrastructure, well -being and health, R&D and innovation, human capital, development for the future India, maximum governance, and minimum government.
The Union Finance Minister said that the budget will provide opportunities for the Indian economy to grow and display good growth. The economy she said had declined largely due to the pandemic that had hit not only India but the whole world.
She further added that the budget had been prepared under conditions like never before and had taken note of the various impacts that several regions across the country had registered due to the pandemic and other calamities.
More than ₹ 4,000 crores spread over the next five years was announced by the Union Finance Minister. The measures, set up by the government include setting up a mechanism that would look into quick resolutions of disputes that were contractual in nature.
