Live Budget News India 2009-10, Indian Budget News 09-10, India Budget 2009

Just not budget, much more for SMEs over a period of time: Chandrajit
Saurabh Gupta | 06 Jul, 2009
While reacting on the union budget 2009, the CII Director General, Chandrajit Banerjee told SME times, "It is not just today but there will be much more over a period of time for small industries."

He said, "I would think good from the SMEs' point of view. What we needed is basically a crowding in investment and today we will see a crowding in investment through a type of fund for SMEs, tax holiday for exporters and taxation."

While presenting the Union Budget 2009-10, Finance Minister, Pranab Mukherjee said, "Micro, Small and Medium Enterprises (MSMEs) have been affected by the slowdown in exports and the indirect effect of the global crisis on domestic demand."

"To support this sector, I propose to facilitate the flow of credit at reasonable rates, by providing a special fund out of Rural Infrastructure Development Fund (RIDF) to Small Industries Development Bank (SIDBI). This fund of Rs.4,000 crore will incentivise Banks and State Finance Corporations (SFCs) to lend to Micro and Small Enterprises (MSEs) by refinancing 50 percent of incremental lending to MSEs during the current financial year," the minister added.

Welcoming the union budget 2009, Banerjee said, "I think that the finance minister did such a fantastic job in sort off doing justice to those expectations that one had. And he had some thing for all section of the society....

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This year the Finance Minister had to consider several factors and act accordingly in the Union Budget. And he has risen to the expectations to a certain extent. Although the equity markets gave the thumbs down to what Pranab Mukherjee had to offer, nevertheless, we can't write off the Budget proposals in their entirety.

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