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Will Budget bring cheer to MSMEs

As Nirmala Sitharaman gears up to present her maiden budget, three choices stare at her — she can either improve upon the reforms initiated by her predecessor Arun Jaitley, or play safe by opting for a business-as-usual strategy, or blaze her own signature trail by bringing in radical changes. 

The first term of Modi government was a mixed bag for India Inc. First, both small and big businesses were jolted by demonetisation and then they were forced to scramble to keep up with the ever-changing Goods and Services Tax (GST). 

Amidst all this, Jaitley's budgets brought in a host of big-ticket reforms for businesses, amongst which the much-needed tax relief to micro, small and medium enterprises deserves a special mention. 

For big businesses though, Jaitley left a lot to be desired in terms of reducing corporate tax. 

2014-15: Jaitley era begins 
In his first budget, Jaitley made a case for increasing the foreign direct investment (FDI) limit in insurance and defence manufacturing from 26% to 49%. 

He proposed that the Foreign Investment Promotion Board (FIPB) would provide the platform for FDI routing without any hassles.