Comments by: Kapil Bardeja, CEO & Co Founder- Vehant Technologies
Government’s decision to provide an extension under Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGMSE) till march 2023 to the MSMEs was much-needed support & boast to the MSME sector and this financial support will strengthen the confidence of small & medium scale industries who were struggling during the pandemic. The percentage growth of Capex 2022-23 and the overall rise in infrastructure, will eventually boost the security industry as the need for security & screening equipment will increase. The Government promotes Make in India, Vocal for Local, and Atmanirbhar Bharat visions, by laying out more money for local contractors under the defense sector, now the defense will have to invest 68% of its budget procuring equipment from domestic players. Given the current times, the budget is focused on India’s growth and we anticipate this should act as a multiplier effect to the Indian MSME ecosystem. Overall, the budget is well designed to give a boost to local manufacturing and improve the infrastructure of the country.