Union Budget: UCCI President hopes for stronger MSME support, credit

Ahead of the Union Budget, UCCI President Prabodh Mohanty voiced hopes for improved MSME support, including easier credit and deregulation. Meanwhile, the Economic Survey projects India's potential growth at around 7%, citing strong domestic demand.

Prabodh Mohanty, President of the Utkal Chamber of Commerce and Industry, has expressed optimism about stronger support for the MSME sector in the upcoming Union Budget. Speaking to ANI on Friday, Mohanty said he is hopeful for improved facilities and new schemes to help MSMEs scale up, modernise, and remain competitive in the global market and stressed the need for easier access to credit without collateral as a key priority. He also called for rationalisation of mining laws and taxes and urged the Centre to take proactive steps to deregulate sectors, particularly MSMEs.

"I would expect better facilities and better schemes for MSMEs to scale up, modernise and grow and be competitive in this global order... A better credit facility without collateral is one aspect that will emphasise... We expect some rationalisation of the mining laws and taxes... We also expect the Government of India to take proactive measures to deregulate all sectors, especially the MSME sector, and to exempt the MSMEs from these approvals and clearances, with a validity of at least three to five years," Prabodh Mohanty told ANI.

Economic Survey Highlights Resilient Growth

Meanwhile, ahead of the Union Budget 2026-27, set to be presented by Finance Minister Nirmala Sitharaman on Sunday, the Centre released the economic survey for the year 2025-26, where India's economic growth remains resilient with strong domestic demand acting as the main anchor, even as the global environment continues to remain fragile. Taking an optimistic view of the economy, the Economic Survey estimated India's potential growth at around 7 per cent.

It also projected that India's GDP growth in FY27 is likely to remain in the range of 6.8 per cent to 7.2 per cent, reflecting the economy's medium-term strength supported by reforms and macroeconomic stability. The Survey noted that while global economic conditions remain uncertain and fragile, India's overall outlook continues to be positive. It highlighted that India's growth is holding up better than expected compared to many other economies, although risks remain elevated due to global uncertainties.

Budget Presentation on February 1

This year, the Budget presentation falls on a weekend. FM Sitharaman is set to present a record ninth consecutive Union Budget on February 1, marking a significant milestone in India's parliamentary and economic history. (ANI)

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