The Union Budget 2010-11 has evoked positive response from several small-scale units and Dinsha J Patel, minister (independent charge) for MSMEs has also appreciated the Union finance minister, Pranab Mukherjee, for undertaking several initiatives.

Welcoming the various proposals for 2010-11, Mr Patel stated, "With some key measures being announced, we expect the Budget initiatives to foster greater development of the MSME sector."

A hike of 33.78 percent in the total budgetary allocation for the MSME sector from Rs 1,794 crore to Rs 2,400 crore in Budget 2010-11 is expected to spur the growth of small units.

"Overall the Budget seems good for the MSME sector as the government seems to have undertaken measures to ease the financial pressure of small-scale units. However, these initiatives need to be effectively and speedily implemented in order to facilitate the sector's higher growth," said Nand Kumar Laddha, an independent chartered accountant in Kolkata.

Besides, other main highlights of this Budget include proposals for constitution of a high-level committee to scrutinise the implementation of recommendations made by the Prime Minister's task force and raising the turnover limit for presumptive taxation of small businesses to Rs 60 lakh.

by David Parks

For more detail on B2B Directory log on to http://www.bizxchange.in/