Budget 2023-24: Amid global economic slowdown, how MSME sector drives India's growth story | Budget expectations, MSME key challenges

Budget 2023-24: Micro, small and medium enterprises (MSMEs) are among the most important pillars of India's economy and the government of India is making an all-out effort to make the sector stronger and more developed.

There are 6.3 crore Micro, Small and Medium Enterprises (MSMEs) in the country which are providing 11 crore jobs. Rajiv Talreja, founder of Quantum Leap Learning Solutions Pvt Ltd said, "MSMEs are the highest job creators and the highest taxpayers in the country. They create products and services that add and enhance the value of the everyday lives of people across the country. They are the true heroes of the Indian economy." The goal of Quantum Leap is to help MSME identify their key problem areas and empower them with strategies, systems and skills to accelerate their performance. 

Quantum Leap assigns a Business Coach who works with the Entrepreneur of a MSME for a period of 12-months to 24-months hand holding them to implement what they have learnt through the curriculum designed by Quantum Leap and produce Growth results for the business.

MSME Sector - Budget 2023-24 Expectations

MSMEs contribute around 30 per cent to our GDP and have a share of 50 per cent of the income generated from total exports. Rajiv Talreja expects an easier line of credit which would be one of the biggest requirements of MSMEs where their working capital gets choked because of delayed payments and challenges in the supply chain. 

"The only place in the world where things have a positive impact is India. You travel across the world, talk to investors, and business owners and you will see the sentiment is survival. But in India, the conversation is about growth," Founder of Quantum Leap Rajiv Talreja opined. 

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MSME Sector - Key challenges

The government needs to create more access or easier working capital. Banks have to be kinder to MSMEs. A lot of MSMEs are under-marketed and do not use technology to its optimum, so Marketing education and technology education would be a great handholding for MSMEs. 

In fact, the Indian government is looking forward to initiatives like revamping of the Credit Guarantee Scheme for Micro and Small Enterprises, full fledged integration of Udyam, e-Shram, and National Career Service and ASEEM portals. 

Entrepreneurs are the backbone of the Indian economy. Quantum Leap pivoted to create tangible, measurable and meaningful growth results for the MSMEs. The government has also extended non-tax benefits for 3 years in case of an upgradation in the classification of MSME.

"As I started implementing my lessons in my own business and also helping out other entrepreneurs implement the same, I discovered my calling. I realised I wanted to support MSME entrepreneurs and businesses by hand holding them through 1-to-1 coaching. That’s how business coaching happened to me," Talreja noted. 

Talreja expects that "soon will come a tipping point where every MSME in the country will look at being coached by Quantum Leap as a basic necessity in their journey of building a business. Quantum Leap has a pivotal part to play in the growth of MSMEs in the country and it's something we are very proud of." 

The industry and other stakeholders need to work with the government to make India a USD 5 trillion economy along with becoming self-reliant with a vibrant MSME sector. 

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