Union budget 2019 has brought early Diwali for MSMEs in India. The Economic Survey 2018-19 pointed out the need to promote start-ups to boost job creation. In the view of the same, Finance Minister Nirmala Sitharaman today announced several measures to benefit the MSMEs and start-ups, and to bolster their growth. Let’s take a look at the key benefits for MSMEs and start-ups in the budget 2019:

  • FM has proposed to start an exclusive TV channel for MSMEs and start-ups under Doordarshan. It will provide a platform for MSMEs to disseminate information in the industry and grow.

  • The Interest Subvention Scheme will be expanded to all districts in India.

  • One woman in every SHG shall be made eligible for a business loan of up to Rs. 1 lakh under MUDRA scheme.

  • Government plans to initiate an e-commerce payment platform for MSMEs. Through this portal, MSMEs will receive a boost as the delays in the payments to them will be eliminated.

  • Small traders and shopkeepers with an annual turnover of Rs. 1.5 crore or less will get pension under the Pradhan Mantri Man Dhan Yojana. This scheme is most likely to benefit approximately three crore shop owners.

Instant Business Loan

  • Loan of Rs. 1 crore will be cleared for MSMEs within 59 minutes through the online portal.

  • If the start-ups and investors once file requisite declaration, they will not be subjected to scrutiny (concerning the valuation of the premium share). A mechanism of e-verification will be initiated. If a startup raises funds, it will not require any tax scrutiny.

  • To reduce taxpayer harassment, a faceless income tax assessment in electronic media will be launched this year.

  • To FastTrack the pending reviews and cases related to start-ups, a special arrangement will be made by CBDT.

The first union budget 2019 presented by the new finance minister Nirmala Sitharaman is all about assigning the public funds for the future of the country.

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Source: Retail Economic Times

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