The reforms brought in by Prime Minister Narendra Modi-led union government in the financial sector has helped the ease of doing business, particularly in the small and medium sector in the country, she noted.
She further said the Modi government has accorded priority to the growth of MSMEs by removing archaic laws and compliance burden. As many as 1,500 archaic laws and 39,000 compliances have been completely removed which rules out the possibility of them becoming instruments of corruption.
The elements of the Companies Act which were troubling people have been decriminalised to help the industry including MSMEs.
The government also introduced emergency credit line guarantee liquidity scheme during the Covid days to help the sector. The Raising and Accelerating MSME Performance (RAMP) scheme has also been launched by PM Modi in 2022 for capacity building among enterprises.
Seven Intellectual Property (IP) facilitation centres have been established and 1,387 trademarks were reimbursed under the IPR component, she said. Around 1.97 crore people have already registered with the Udyam Portal for MSMEs. As part of the public procurement policy, 33 percent of procurement by 158 public sector enterprises (PSEs) in the country has been made from MSMEs, the minister said. Through the TReDS platform, the government has facilitated discounting of trade receivables of MSMEs from corporate buyers, thereby ensuring the liquidity of enterprises.
With the Procurement and Marketing Scheme (PMS), the government has been providing subsidies to help the small enterprises get new buyers. The open network for digital commerce has also assisted innate entrepreneurs enter better markets, she said.
The budget outlay for MSMEs, which was Rs 3,285 crore in the year 2013-14, stands at Rs 22,138 crore during the current financial year, Sitharaman said and urged the entrepreneurs to use the facilities being extended to them.
The Centre is providing maximum attention to the sector as the manufacturing capabilities of the country lies with MSMEs, which are the backbone of the country, she said.
On the reforms in income tax collection, Sitharaman said though no section has been omitted in the last nine years, people earning up to Rs 7.27 lakh do not have to pay income tax under the new scheme. The standard deduction of Rs 50,000 also remains.
The government has over the years brought in simplicity in the tax system, she said, adding that 100 percent of tax are being processed within one day of filing at present.
The Centre has turned the profession of chartered accountants more vibrant and globally acceptable with the reforms including the removal of archaic laws and compliances, she said. With the new avenues of carbon accounting, the professional has newer things to do in their job.
Prime Minister Narendra Modi in his visits abroad has been stressing the mutual recognition of professional certificates among countries, so that qualified professionals can move to any country, Sitharaman said.
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