MSMEs are the driving force of India’s economic growth and prosperity. To fully unlock their potential, the upcoming Union Budget should focus on measures that would improve access to liquidity, skill development, and ease of doing business for small businesses. The government could also focus on encouraging the use of digital public infrastructure which will help improve access to credit for MSMEs. Digital payments are another crucial link in formalisation of MSME business operations. Continuing to encourage digital payments will improve the creditworthiness of these MSMEs.
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