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Union Budget 2020: Nirmala Sitharaman unveils steps to fuel MSME growth
The government on Saturday unveiled measures aimed at facilitating growth of the country's micro, small and medium enterprises (MSMEs) and reducing their compliance burden, including raising the turnover threshold for audit of their accounts to Rs 5 crore and a scheme to provide subordinate debt to MSME entrepreneurs.
New Delhi: The government on Saturday unveiled measures aimed at facilitating growth of the country's micro, small and medium enterprises (MSMEs) and reducing their compliance burden, including raising the turnover threshold for audit of their accounts to Rs 5 crore and a scheme to provide subordinate debt to MSME entrepreneurs.
Unveiling the 2010-21 budgetary proposals in Parliament, Finance Minister Nirmala Sitharaman underlined the importance of MSMEs saying they are vital for keeping the wheels of the economy moving and also for creating employment opportunities.
"Currently, only businesses having a turnover of more than Rs 1 crore are required to get their books of accounts audited by an accountant.
In order to reduce compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector, I propose to raise by five times the turnover threshold for audit from the existing rupees one crore to five crore," Finance Minister Nirmala Sitharaman said while presenting the Budget 2020-21.
She said a scheme will be introduced to provide subordinate debt to MSME entrepreneurs. Besides, the government has also asked the Reserve Bank to extend the debt restructuring window for micro, small and medium enterprises by a year to March 31, 2021, Sitharaman said.
