It is notable that while there were commendable announcements, there is a missed opportunity to enable the growth of MSMEs as part of the Indian ecosystem. Acknowledging MSMEs as a cornerstone of our economy is crucial for sustainable global competitiveness. Without enhancing the competitiveness of our MSMEs, India cannot generate the requisite jobs and effectively compete on the global stage. A prime illustration of the potential impact lies in the announcement of long-term interest-free loans for R&D in sunrise sectors. This implicitly recognizes that strategic debt can act as a catalyst for innovation and research, positioning the younger generation of India to excel in emerging industries. The recent governmental emphasis on tourism (which was conspicuously absent in the budget speech), encompassing the construction of new monuments, exploration of remote areas, and a call for celebrating milestones within the country, necessitates robust tourist infrastructure development, both in terms of rail and air connectivity. This impetus on localized infrastructure growth is poised to catalyze the expansion of MSMEs, fostering their overall development.
Additionally, the budget’s recognition of technology’s transformative role across sectors, particularly the proposed scheme for enhancing deep technology in defense for achieving self-reliance (‘atma nirbharta’), is noteworthy. India currently boasts world-class digital public infrastructure, set to strengthen over time, facilitating easier access to both self-owned and borrowed funds. While the budget speech lacked focus on skill development in AI, a critical area for our future, we anticipate and hope for such initiatives in subsequent announcements
