FM Sitharaman Chairs Pre-Budget Talks With MSME Sector
The MSME stakeholders, however, called for simplified return filings, graded penalty structures, exemptions from mandatory audits and integration of multiple statutory filings into a single digital interface to reduce compliance costs.
New Delhi: As part of the preparations for the upcoming Union Budget 2026-27, Union finance minister Nirmala Sitharaman on Wednesday chaired the third pre-Budget consultation meeting with stakeholders from the micro, small and medium enterprises (MSME) sector. The meeting mostly focussed on the key challenges faced by the MSME sector and measures to promote its growth and competitiveness.
It is, however, learnt that the MSME stakeholders discussed all their issues with the finance minister and her deputy Pankaj Chaudhary along with all key officials of department of economic affairs, ministry of finance and ministry of MSME . “They highlighted the disproportionate impact of regulatory compliances on smaller enterprises, observing that MSMEs continue to face high penalties, overlapping documentation and multiple filings, discouraging formalisation and growth,” a source said.
The MSME stakeholders, however, called for simplified return filings, graded penalty structures, exemptions from mandatory audits and integration of multiple statutory filings into a single digital interface to reduce compliance costs. “Digitised and time-bound single window systems can be a game-changer in improving the investment climate across states,” they said.
In an Assocham report, the industry body also called for streamlining approvals and reducing bureaucratic delays, such systems can greatly enhance efficiency and transparency. “Simplifying land-use and zoning procedures, rationalising approval fees and strengthening last-mile infrastructure, particularly access to electricity, roads and water, to improve overall business competitiveness,” the report suggested.
