Union Budget 2023: MSME sector seeks access to credit at affordable rates

PLI schemes, quick access to funding, and expansion of exports are some of the key areas that the sector is looking forward to

The Micro, Small and Medium Enterprises (MSME) sector is among the fast-expanding and dynamic sectors of the Indian economy. There are over 60 million entities falling under the MSME category in the country that contribute about 45 per cent of the total manufacturing output and 30 per cent of the national Gross domestic product (GDP). In the previous budget, Union Finance Minister Nirmala Sitharaman had announced a slew of measures to help the MSME sector, which suffered huge losses due to the pandemic-induced economic slowdown.

Given the important role the sector plays in driving the Indian economy, the budget