Union Budget 2022-23: Positive Measures for Start-ups and MSMEs Highlighted by Experts

Start-ups gained some advantages from the Union Budget 2022-23, according to experts and industry analysts. They view certain measures as beneficial. Siddharth Maurya, a Resource Specialist in Fund Management, noted, "For start-ups the tax concession period has been extended by one more year, which in my opinion is a very positive move. Likewise, a 15% tax has been decided for the newly incorporated manufacturing unit. The period of incorporation has been increased by one more year to 31-3-2024. This will further boost manufacturing activities," he says.

Virendra Ranawat, Co-Founder of WoodenStreet, expressed satisfaction with the Union Budget 2022-23 meeting many expectations. He highlighted that healthcare and infrastructure were major focuses, with significant investments directed towards expanding roadways and logistics networks. The budget also prioritised youth and start-ups, aligning with anticipated goals.

The budget introduced the "one station one product" programme to enhance local supply chains. This initiative aims to significantly benefit small farmers and MSMEs by improving their market access. Additionally, the budget outlined plans for approximately 100 PM Shakti Cargo terminals to be developed over the next three years.

The ECLGS credit scheme's guarantee cover was expanded by Rs 50,000 crore. This expansion is intended to provide collateral-free loans to MSMEs facing financial stress. Such measures are expected to bring positive changes for MSMEs and other small industries.

Overall, the Union Budget 2022-23 is anticipated to positively impact various sectors, especially manufacturing and small businesses. By extending tax concessions and supporting infrastructure development, the government aims to foster growth and stability in these areas.