Budget 2021 Expectations: Lower taxes, forex overhaul, simplified GST, more on MSMEs, startups wishlist

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Union Budget 2021 Expectations for MSMEs and startups: Finance Minister Nirmala Sitharaman has raised the Budget 2021 expectations by stating that this budget shall be ‘unlike anything in past 100 years’. However, there are still some real pain points that MSMEs and startups expect to be addressed urgently in Budget 2021.

Union Budget 2021-22 Expectations for MSMEs, startups: As per the data released by the MSME ministry, India has close to 6.8 million Udyog Aadhar registered MSMEs and close to 63 million MSMEs in total. MSME related products accounted for 49.81 per cent of the total exports made during the FY 2019-20 and the sector provided employment to close to 110 million people in India. As per an estimate, currently, there are close to 30 unicorn Indian startups, and 18 out of the 30 unicorns have major foreign direct investments. India had a record $73 billion FDI during the FY 2019-20 as per the Commerce Ministry. As per the Startup India portal, India has more than 40,000 DPIIT registered startups. These numbers show the level of importance and impact MSMEs have on the Indian economy and the importance of FDIs to make unicorn startups in India.

 

Alok Patnia, our Managing Partner shares his opinion on this. Read the full article on: Financial Express

 

 

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