“The focus on facilitating term loans for machinery purchases and financing technology support for MSMEs is commendable, as it will enhance productivity and competitiveness, enabling smaller enterprises to scale up their operations and contribute more effectively to the economy.”
The recent budget announcements mark a significant stride for the manufacturing sector, especially for MSMEs. The focus on facilitating term loans for machinery purchases and financing technology support for MSMEs is commendable, as it will enhance productivity and competitiveness, enabling smaller enterprises to scale up their operations and contribute more effectively to the economy.
Employment and skill building are crucial, and the incentives for job creation in manufacturing, linked to EPFO contributions for employers hiring 30 lakh youth, are strategic. The provision of rental housing for industrial workers through PPP mode addresses a vital need for affordable living arrangements.
The emphasis on increasing women’s workforce participation is particularly noteworthy. Establishing hostels and women-specific skilling programs will help bridge the gender gap and provide women with the necessary resources and opportunities to thrive in the industrial sector.
Lastly, the focus on nine priorities, from employment and skilling to next-gen reforms, as well as the Critical Minerals Mission reflect a holistic approach to generating ample opportunities. Overall, these budget measures align with Taural India’s vision of fostering growth, innovation, and inclusivity in the manufacturing sector.
By Bharat Gite, MD & CEO, Taural India
