Ease of Doing Business for MSMEs: The scheme would be supported by the Central government that will offer funds to MSMEs for upgradation of existing industrial areas with basic infrastructure and develop new industrial areas.
Ease of Doing Business for MSMEs: The Union Budget for the fiscal year 2023-2024 may come up with an industrial area development scheme for MSMEs for upgradation of existing industrial areas with basic infrastructure and develop new industrial areas, as per a report by Mint.
The industrial areas in question would be industrial parks designated especially for the small businesses, the report added, citing two people aware of the development. It also noted that the centre would provide the required financial support for setting up and upgradation of the industrial areas.
To finance these projects, multilateral lenders such as the Asian Development Bank and International Financial Corporation of the World Bank would also be asked to participate in addition to getting support from the states, and allowing a state implementing agency to set up the projects.
“The scheme would focus on both brownfield and greenfield projects and aims at getting more and more MSMEs under the ambit of cluster-based operations,” an official added.
The proposal is in accordance with efforts to make Indian MSMEs more competitive, the report noted citing another official. “Efforts would also be made to improve the market access of small businesses which are in these industrial areas. It would be done through a digital business match-making platform to showcase and integrate India MSMEs with the national and global supply chain,” added the official.