(GIST OF KURUKSHETRA) Transforming Industrial Ecosystem

[March-2022]

The Budget 2022-23, has laid the foundation of the long-term vision of the Government. In continuation of the restoration announcements and activities initiated during 2020-21 and 2021-22 to appropriately address disrupted supply chains, dwindling demand and rising unemployment, the Budget’s approach has rightly been to continue to provide support to vulnerable sectors.

The Aatma Nirbhar Bharat package announced in 2020 had a combination of potent announcements for the MSMEs. These included

a revision in the definition of MSMEs;
facilitating the ease of registering for MSMEs through the Udyam portal;
making credit available through the Emergency Credit Line Guarantee Scheme (ECLGS);
a special scheme for MSMEs with stressed assets;
a scheme for equity infusion; and disallowing global tenders up to Rs. 200 crore.

The Budget proposes to strengthen the effectiveness of at least two of the Aatma Nirbhar Bharat components, viz. Udyam and ECLGS.

National Career Service which is a onestop solution that provides a wide array of employment and career related services to the citizens;
e-shram which is a centralised database of unorganised workers seeded with Aadhaar;
ASEEM (Aatma Nirbhar Skilled Employee Employer Mapping), which is an artificial intelligence based portal which helps in finding sustainable livelihood opportunities.

This proposed interlinking focuses on all-inclusive welfare through the digital mode at a micro level. For MSMEs, this common platform is envisaged to offer, besides registration facilities, a link to employment possibilities, credit accessibility and social security provisions.
Further, the Budget has proposed the rolling out of Raising and Accelerating MSME Performance (RAMP) programme over the next 5 years with an outlay of Rs. 6,000 crore. The proposed programme aims to equip MSMEs adequately so that they can overcome the challenges imposed by the pandemic.