Surat (Gujarat) [India], February 2: Prateek Toshniwal, a renowned chartered accountant, has said that the Union Budget 2023-24 has reshaped the landscape of capital investment, and the new policies will go a long way in reviving the startup ecosystem in India.
The Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme announced by Finance Minister Nirmala Sitharaman in the Union Budget 2023-24 will be a game changer for small and medium businesses, especially the startups in India… It is expected to provide an additional Rs 2 lakh crore in collateral-free credit to the MSMEs.
According to Prateek Toshniwal, a well-known chartered accountant (CA), the CGTMSE to be implemented on April 1st will aid collateral-free lending to small businesses, with the government infusing Rs 9,000 crore.
“India’s economy is on track to grow at 7% in the current fiscal year, the highest among developed economies worldwide. There is no reason to doubt that India will persevere in the face of adversity,” said Toshniwal.
Finance Minister Nirmala Sitharaman has estimated 7% growth in the current fiscal year by increasing Capex expenditure by 33% to Rs 10 lakh crore for FY24, which is higher than the Rs 7.5 lakh crore budget estimate for 2022-23. However, public capital expenditures will account for 3.3% of GDP at this level.
The finance minister has proposed various diligent measures with a prominent focus on the seven tenets of SAPTARISHI to be accomplished during Amrit Kaal, namely, Inclusive development, reaching the last mile, enhanced focus on infrastructure & investment, unleashing the potential of the financial industry, Green growth, Youth Power and the progress of Financial Sector.
“It is an excellent budget for capital investors and investment networks, and it will strengthen the country’s financial investment ecosystem,” Toshniwal said.