New Delhi: As part of the National Democratic Alliance government’s focus on bringing micro, small and medium enterprises (MSMEs) under the formal economy’s fold, a payment platform for the MSMEs will be set up, finance minister Nirmala Sitharaman announced in her maiden budget speech on Friday.
FIEO President Sharad Kumar Saraf on Friday said Rs.70,000 crore allocated to PSU banks will ease the flow of credit to the MSME sector.
The Indian government's annual budget statement on Friday included measures aimed at improving the investment climate but lacked any direct steps to stimulate a sagging economy, adding to pressure on the Reserve Bank of India (RBI) to provide more immediate help.
To further consolidate the gains in order to make India a more attractive foreign direct investment (FDI) destination, the Government would ease local sourcing norms for FDI in Single Brand Retail (SBR) sector.
The Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman said that during the second refund fortnight, Rs. 6,087 crore IGST refunds and Rs. 1, 548 crore ITC refunds were sanctioned by CBIC.
Union Budget India 2019: Economic Survey of July 4, 2019 has well highlighted the critical urgency of job creation in large numbers, in view of the fact that working age population is expected to grow by 97 lakh annually over the coming decade.