Budget 2023 announcements for MSMEs and other top SMB stories of the week
SMBStory brings to you reactions from the industry to the finance minister's announcements for the MSME sector, and other top picks of the week.
Calling MSMEs “the growth engines of our economy”, Finance Minister Nirmala Sitharaman, during her Budget 2023 speech, proposed an allocation of Rs 22,138 crore to the MSME sector, which is higher than the revised Rs 15,628 crore for the current fiscal year.
Here are the key announcements for the MSME sector in Budget 2023.
- Revamping of the credit guarantee scheme through a fresh infusion of Rs 9000 crore
- PM Vishwakarma Kaushal Samman (PM VIKAS) to assist traditional artisans and craftspeople
- Vivad Se Vishwas scheme to help MSMEs who failed to execute contracts during the COVID-19 period.
- Entity DigiLocker to help MSMEs exchange and store documents online
- Enhancement of presumptive taxation for small businesses.
SMBStory takes a look at how the MSME sector and its stakeholders from across the country reacted to the Union Budget.
Other top picks of the week
Exotic India
There is no doubt about India’s unity in diversity. A look at the country through its textiles shows you that. From Pashmina in Kashmir to Bandhni in Gujarat, Kolhapuri in Maharashtra to Meenakari in Rajasthan, each strand of these looms contains a rich cultural story waiting to be shared.
For the Goel brothers, Vipin, Nitin, and Kapil, textiles were an area of familiarity and inspiration, particularly because of their family’s business in the segment.
At the time of ’s inception, the internet was relatively new. The brothers thought of it as a way to share Indian handcrafts with the world. That decision made Exotic India one of the first known e-commerce websites in India. Today, it serves a customer base of nearly three lakh people worldwide, having shipped orders to 160 countries.
The majority of orders come from the United States, Europe, and Australia while the majority of sales in India come from Chennai, Hyderabad, Bengaluru, Mumbai, and Delhi. Recently, it also opened its first flagship store in Delhi.
Gizmore
Sanjay Kalirona started his career as a junior sales executive in the electronics company Intex. Promoted from one role to another, he eventually handled and grew the mobile vertical of the business.
In 2018, confident about his 20 years of experience in product development, branding, and distribution, he launched , a smart accessory, fitness gear, and audio brand that aims to offer premium goods at competitive prices.
Delhi-based Gizmore, which stands for ‘gadgets and more’, offers products such as smartwatches, neckbands, headphones, speakers, and IT accessories such as USB cables, keyboards, and power banks.
Today, the brand has a network of more than 200 distributors and has a presence in 15,000 retail stores across the country. In addition to this, it also sells through large retail chains like Reliance.
Edited by Swetha Kannan
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