Union Budget 2014 brings cheer for SMEs across India

New Delhi, July 10, 2014
The most-awaited Union Budget has undoubtedly come as a delight for some sections of the economy. Talking about the start-up SMEs, the fund amount of Rs 10,000 crores allocated to them is definitely a major highlight. Addressing their credit concerns in the country, the government has announced the formation of a Venture Capital fund to extend financial assistance in the form of equity, quasi-equity and risk-capital. Besides encouraging entrepreneurship in the country, the move is aimed at eliminating investment related issues for the SME sector.

Commenting on the crucial announcements, Mr. Dinesh Agarwal, Founder & CEO, IndiaMART, says, “The Union Budget 2014 reflects optimism for the Indian SMEs in the coming year. With conducive financial schemes and budget allotments planned in their favour, SMEs are bound to make a substantial contribution to the country’s GDP. The efforts undertaken to promote entrepreneurship is truly a positive sign for the economy.”

Another significant announcement – the setting up of a ‘Technology Development Fund’ to focus on easy flow of finance for the SME space – would enable expansion, keeping away the financial constraints. Besides this, the amount of Rs. 100 crore allocated for Startup Village entrepreneurship is a nudge in the right direction for the prospective entrepreneurs located in rural India. The move will encourage the rural youth to participate in local entrepreneurship programs, and also learn relevant skills in their respective fields.

About IndiaMART.com
IndiaMART.com is India’s largest online B2B marketplace for Small & Medium Size Businesses, connecting global buyers with suppliers. The company offers a platform & tools to over 1.5 million suppliers to generate business leads from over 10 million buyers, who use the platform to find reliable & competitive suppliers. The company has over 2600 employees located across 40+ offices in the country. Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd.

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IndiaMART.com offers products that enable small & medium size businesses generate business leads (online catalogs/store-fronts), establish their credibility (third party verified trust profile) and use business information (finance, news, trade shows, tenders) for their business promotion.