Industry impact: Manufacturing and industrial products has been saved
Article
Industry impact: Manufacturing and industrial products
- Set as priority 4 of the budget
- Promotion of MSMEs in manufacturing
- Credit guarantee scheme for MSMEs in the manufacturing sector and credit support to MSMEs during stress period
- Reduction in turnover threshold of buyers for mandatory onboarding on the TReDS platform from INR 5 billion to INR 2.5 billion
- New assessment model for MSME credit
- Incentive for additional employment under different schemes linked to the employment of first-time employees, directly to the employee and the employer with respect to their EPFO contribution in the first four years of employment.
- The benefit of lower tax rate of 15 percent which was available for new manufacturing entities commencing production on or before 31 March 2024 is not extended.