SMEs and MSMEs will play the most significant role in achieving India’s ambitious target of becoming a $5 trillion economy by 2025. To give a positive push and create a productive environment for this segment to flourish, there is a need for perfect ease of doing business environment, nurturing a demand based skilled manpower and wide adoption of technological advancements in SME and MSME sector. Allotment of Rs 350 Crore for 2 per cent interest subvention for all GST-registered MSMEs under the interest subvention scheme is a step in the right direction.
The new age jobs across economies will require a huge change in skill sets. India can take advantage of this and fill up the shortage of relevant and high-tech skilled labour in near future. India can lead the world in meeting this huge demand with a focus on new age and industry relevant skills such as Artificial Intelligence, Big Data, Robotics, etc. Even the adoption of such technologies to strengthen SME ecosystem is not a herculean task, provided we have the right will and intention to make it affordable and easily accessible. It is time for Skill India’s curriculum to follow advance technologies and skills which are highly in demand, both on domestic and global map.
The Budget has also given a boost to Nation’s entrepreneurial spirit by extending Standup India scheme till 2025, setup of 80 Livelihood business incubators and 20 technology business incubators to develop 75,000 skilled entrepreneurs in agro-rural industries, encouraging women entrepreneurs and several other measures to streamline labour laws, education, and rental housing segment which will have a direct impact on startups in the country.