MSME has always been the backbone of the Indian Economy with around 29 per cent share to India’s GDP. We expect the government to re-establish favourable policies and allocate substantial funds for the growth of MSMEs. 2020 was a blessing in disguise for MSME industry where the initial most of 2020 was quite brutal but the later half came to the rescue especially with the #boycottchinesegoods campaign and push towards Make In India. The MSME sector is hoping to get rid of challenges like lack of access to capital, infrastructure, skilled labour, and power supply issues that plague MSMEs in India. Indian entrepreneurs hope that the Union Budget 2021 will provide some long-term benefits to the sector with better access to credit and lenient taxation policies.
