Quote on Union Budget - 2024 by Mr Rajan Pental, ED, Yes Bank
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Below the Quote on Union Budget - 2024 by Mr Rajan Pental, ED, Yes Bank
As we approach the Union Budget 2024, there is strong anticipation for comprehensive measures to empower the MSME sector, crucial to India’s economic growth. We expect the government to focus on expanding the ecosystem for new-to-credit borrowers, particularly through provisions under Informal Micro Enterprises (IME). Digital transformation remains a key priority. Investments in digital infrastructure and incentives for MSMEs to adopt modern technologies will improve operational efficiencies and market reach. Government schemes like PM Vishwakarma, PMJDY, and PMMY are essential in supporting MSMEs, particularly those finding it difficult to access credit.
At YES BANK, we have grown significantly in our financing under CGTMSE and are committed to supporting financial inclusion for MSMEs. We are building an ecosystem where loans can be sanctioned and disbursed digitally to micro-entrepreneurs. Additionally, the surge in Udyam registrations, with nearly 25 million in the past year, highlights the growing support for smaller MSMEs. We believe that with the continued support from the government, MSMEs can drive India's economic growth and resilience, significantly contributing to a vibrant and sustainable business ecosystem.
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