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What can SMEs expect from the Budget 2016-17

19 February 2016 5 MIN READ

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.
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About the author

Nidhi Batra

Nidhi Batra is a marketing and brand communication professional with 10 years of experience working in the dynamic B2B marketing environment. She strategizes, writes, reviews a variety of content for demand generation and sales support activities. Having a Master’s in English from Delhi University, she knows how to navigate her readers on insightful journeys with her SAP published blogs and thought leadership content.

Follow me on LinkedIn to stay updated on the latest industry trends & technology update

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