• Notification Date: 10-02-2025
• Notification No: N/A

Budget 2025: MSME Reforms and Boost for exports driving growth

India Inc. has welcomed the Budget 2025 measures taken on MSME and the export sector. It, however, called for further relief in doing business by increasing such measures.
The most important of all, of course, is a reform on MSME where the definition limits would go up 2.5 times and 2 times for investment and turnover, respectively.
This would help MSMEs scale up and embrace new technologies and create employment opportunities. Analysts say this is a step that needs to be taken, specially in commodity-intensive sectors, like in the gem and jewellery industry, which the increasing cost of raw material is making trade move out of the MSME brackets.

The Budget has also introduced some reforms that would simplify trade procedures, which includes the placing of a two-year time limit on the finalisation of provisional assessments under the Customs Act.
This would remove uncertainty from the importers' and exporters' end and encourage voluntary compliance. A new committee for regulatory reforms is also being established to streamline processes across industries.

Experts have asked for further simplification of the process including having one central portal to access updates and the electronic filing system through all government departments.
The Budget has also enhanced exports via BharatTradeNet, a portal designed to create a unified system for international trade documentation.

Although the Budget has made notable progress, industry leaders are still advocating for further reforms to enhance transparency and streamline the business environment.
They believe that these adjustments will not only increase India's GDP but also strengthen its standing in global trade.