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NOIDA (04/02/2023): The World Association for Small & Medium Enterprises, WASME* International Secretariat, Noida organised a discussions on Union Budget on February 2nd, 2023 on Analysis of Union Budget 2023-24: Way forward for SMEs.
Prof Aman Agarwal, Director, Indian Institute of Finance, in his key note address gave a detailed presentation on different economic aspects impacting lives of citizens and took audience by surprise by presenting unique aspects of trivial things. “People think government drive this country and government think they drive this country but actually people drive this country,” he said, while talking about the democratic structure of India.
Outlining the difference in work culture, he said, “Since 1970’s offices remain same but private sector have great offices structure. It also helps in productivity. When it come to income parity, there is obvious difference in rural and urban segment. However, if tax of income is too high, everyone hides their income to make maximum profit and that is a major issue in our developing country,” he said, while comparing GDP growth of INDIA and CHINA. Urging people to think big and achieve more, he added, “Biggest problem is that many of us don’t have the knowledge how to go up. Many do not want to take risk. Set targets, fix timelines, and make five year plans to achieve goals.” Talking about how different brands are enhancing and modifying their strategies to ensure maximum profit, he said, “Maruti Suzuki only labels parts and sell it. They make profit by their brand name. Similarly, in government sector, post offices are no more the old structures but they are now offering multiple banking services too.”
K P Singh from Laghu Udyog Bharti, in Bussiness Meeting at WASME shared his views on Merits and Demerits of Budget. He said that this budget is a balanced budget and it has touched every sector. He expressed concern that young generation is not getting engaged in agriculture and allied industries so government needs to take some steps .
Afaq Hussain (Knowledge partner of WASME) said that MSME industry is the backbone in private employment. “MSMEs helps every major industry. MSME will get a bigger and direct Investment of Rs9000 crore. However, credit guarantee is also a challenge,” he said taking an example, that home loans convenience is in Private Bank not in Government Bank. “Unity Mall supported by MSME is easy to talk but implementation will be difficult. Moreover, custom duties reduction will ensure cheap domestic production,” he added.
HK Gupta, CA, said that in budget there is a focus on various financial aspects. “The total expenditure in Budget 2023-24 at Rs45,03,097 crore, is up from Rs 41,87,232 crore of the revised estimates for 2022-23. But 8% to 20% share is for the repayment of loans. MSME Credit will be cheaper by 1.1% in coming years. Rs 10 lakh crore expenditure on infrastructure is available but strike is required for claiming that amount,” he noted, pointing, “Budget is talking about giving boost to the GDP of INDIA, Mobile/Laptops exports worth 1 lakh crore. Govt is working for both small and MSME sector.”
Speaking during the event, Dhruv Agarwal, CEO Galgotias University, said that this is a balanced budget. “Lot of work needs to be done for MSME, lot of efforts for the resources are required. Import duty has been reduced, budget provides lots of subsidies. Different manufacturing parts are also available cheaper, manufacturing electronic vehicle eco-friendly. CNG ratio is high now but electronic vehicle is the future.” He observed that there is lot of scope in this industry. “We have to improve the research in the industry. MSME are working at capacity less than 50% as there is less demand, so demand need to be pushed through various policies and programs,” he included.
