New Delhi, January 29, 2022: The market is still in recovery mode with many MSMEs already shut or are on the verge of closing down in the near future. The unemployment rate is also expected to shoot up if businesses run out of cash to operate. As a matter of fact, MSMEs employs are a large chunk of the country’s population and simultaneously contribute 29% to the Gross Domestic Product (GDP). These facts very well highlight the vulnerabilities we could face, if necessary, measures are taken to revive the MSME sector.
 

We can expect the 2022 Union Budget to comprise more funds/schemes and initiatives that are focused on promoting technology and reviving the slowing economy. Startups who are considered to be the platform that could take the country to new horizons should be provided financial relief so that they can extend their runway for operations. Moreover, relaxations in GST, lending rates, and other regulations would support the ease of doing business in the country. With such reforms, businesses especially MSMEs could get the support of investors.

Technology-centric schemes should also be given a place in the budget as we are moving towards digitization. COVID-19 had taught us many lessons and it also made businesses of all sizes realize the importance of technology when it comes to business continuity.

Corporate Comm India (CCI Newswire)

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