Mangaluru,Feb 2: Praising Prime Minister Narendra Modi for his firm resolve for the development of MSME sector Union minister of Micro, Small and Medium enterprises Haribhai Chaudhary said that, this union budget will bring the massive transformation in the field of MSME. He was speaking at the National conference organised by ASSOCHAM on the topic 'Digital Payment: The paradigm shift.'
Sharing his personal experience about the fund allocations Chaudhary said, “Our department made a proposal demanding funds worth Rs 5,000 crore but the PM gave us funds worth Rs 6,500 crore.” He also thanked Prime Minister Modi and finance minister for allocating more funds in union budget.
Elaborating various points on the budget minister stated that with this double allocation, small entrepreneur will get collateral free loans worth up to Rs 2 crore. He also lauded the move of reduction in presumptive tax.
On the front of employment minister expressed that the current budget provision will open large number of opportunities in the MSME sector. He also mentioned that the adoption of digital payments in MSME sector will encourage the growth of MSMEs.
Informing about the latest development Haribhai Chaudhary stated that around 4.40 lakh aspiring entrepreneurs have been received for the assistance from central government for setting up business.