Union Budget 2018 : MSMEs are 'engine of growth, employment' says Jaitley
Union Finance Minister Arun Jaitley has begun the presentation of Union Budget 2018 on Thursday. Speaking in the Parliament, FM Jaitley claimed that the Micro, Small and Medium Enterprises (MSMEs) are an engine of growth and employment. He announced Rs 3,794 crore to MSMEs for credit support, innovation and capital interest subsidy. Further, the amount is also expected to ease cash flow challenges. Liberalised presumptive income schemes for small businesses with income below Rs 2 crore, similar schemes for professionals with income below Rs 50 lakh. Corporate tax reduced to 25 per cent for companies with turnover up to Rs 250 crore, move to boost MSME sector. Watch this video to know more about the news.