GST verses MSME
The MSME sector, which contributes 40% of Indian exports, is growing in the aftermath of recent reforms. Nowadays, financing for SMEs is underway by various governments and RBI-led initiatives. According to a recent Credit Suisse report, the SME loan market is expected to grow by $ 3.2 trillion over the next decade. This is good news for the existing and seedling small and medium enterprises in India. First, RBI reforms, such as the purchase and sale of PSLCs, help to promote efficient lending practices for SMEs. A government plan to evaluate MSMEs for the next 50 parameters will enable this sector to improve production quality and to acquire a position on the international market. Government-led initiatives such as the introduction of bankruptcy laws will improve the convenience of doing business for small businesses. All these parliamentary reforms in Montreal have adopted the GST legislation, forcing the government to pass parliament and ensure strong support for small businesses in India.