Bangalore, July 31 (KNN) While large number of Micro Small and Medium Enterprises (MSMEs) hailed the budget by calling it pro-MSME budget, a survey by Namaste Credit has revealed that only 53% of MSMEs believe that the Union Budget 2019 will positively impact MSMEs in the next one year and another 23% of them feel the budget may not have any impact on MSMEs.
After a gap down opening the Indian rupee has recovered but trading lower by 29 paise at 69.08 per dollar versus previous close 68.79.
Commerce and Industry Minister Piyush Goyal directed manufacturers and exporters to share data on the costs borne on the products they export, during an interactive session with export promotion bodies on Wednesday.
By virtue of it being the second largest employment generating sector in India after agriculture, the MSME sector has emerged as a powerful growth engine.
MSME Additional Secretary and OSIC MD Prasanna Kumar Jena addressing the 6th edition of MSME Summit here on Wednesday, said, “The MSME sector is struggling.” The event was organised by the Indian Chamber of Commerce (ICC) in collaboration with the State MSME Department.
Leading trade and industry bodies in the state have warned leaders in central and state governments that abrupt withdrawal of benefits to textile exporters from August 1 will hit the sector very hard, especially since the overall economy is facing a slowdown.