Throughout 2022, as the world struggled with inflation, rising interest rates making borrowing costly and recession due to geopolitical tensions, India kept focusing on growth. The result has been that IMF among other global organisations have called India a bright spot in a gloomy global economy. With its last full union budget ahead of Lok Sabha polls in 2024, the Indian government has again focused on supporting industries and boosting credit availability for smallscale entrepreneurs.
Support for emerging small entrepreneurs
Along with an increase of 33 per cent in the capital investment outlay Rs 10 lakh crores, Rs 9,000 crores has been set aside for Credit Guarantee scheme focused on MSME growth. A Central Processing Centre to be set up, for faster response to companies to speed up procedures, while deductions on expenditure incurred on payments by MSMEs, will happen only be made when payments go through.
Manufacturing and cottage industries get attention
For local industries and handicrafts, States are encouraged to set up Unity Malls for the promotion of One District, One Product and GI tag products.
While the customs duty on compounded rubbers is being increased from 10% to 25%, the same on parts, open cells of TV Panels reduced to 2.5%.
Quick and seamless dispute resolution
Contractual disputes involving government undertakings where an arbitral award is challenged in court will be settled through Vivad se Vishwas Tak. At the same time, a voluntary settlement scheme with standardized terms will be implemented. PAN will be used as a common identifier for all Digital Systems of specified government agencies, while 3 Centers of Excellence for Artificial Intelligence will be set up in top educational institutions.
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