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What can SMEs expect from the Budget 2016-17

19 February 2016 5 MIN READ

budget-infographic

Some enabling initiatives are on the cards, in sync with the Make in India program. Here’s a quick dekko at what the small businesses can expect in this Union Budget.

In a recent post (The New Age SMBs In India Are Ready To Embrace Technologywe had mentioned that the SME industry in India is a very interesting case. The industry employs a major chunk of the total workforce in India (40%), and yet its contribution to the Indian GDP is meagre (17%). With programs like India Aspiration Fund and Make In India, it would be exciting to see how the SME industry shapes up in the coming years. There is a lot of speculation about what would be allocated to the SMEs in the Union Budget to be announced later this month.

Here is our list of what SMEs can expect:

  • Investment towards skill growth: Increased monetary incentives are likely to be given under the Skill India program. This would help small scale businesses to give required trainings to their workforce.
  • More power to technology: A large chunk of capital is likely to be infused into the Technology Acquisition and Development Fund (TADF) to enable SMEs to acquire relevant technologies and support mechanisms.
  • Loan Reimbursements: The Cabinet has already approved a whopping 3,000-crore Mudra Credit Guarantee Fund (CGF). This aims to support small enterprises reeling under loans ranging between 50,000 to 10-lakh.
  • Job Creation: With the SMEs already employing a large chunk of the workforce, greater focus is likely to be given to technology start-ups and traditional businesses, as employment generators.

About the author

Nidhi Batra

Nidhi Batra is a brand communication specialist at Uneecops. She is an active contributor to SAP Business One community and loves to write on smart and intelligent technology which is redefining business models such as SAP Business One, SAP Cloud, Tableau and Power BI. Having Master’s in English from Delhi University, she follows Gartner and spends her time reading avidly about Artificial Intelligence, SAP HANA, Cloud, DevOps, IoT, robotics and business automation.. Tweets at @nidhi_niya

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