Union Budget 2023: Center to give special package for Bihar’s MSME sector, emergency loan facility to be made available this year also
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Dr. Abhishek Dutt
MSME (Micro, Small and Medium Enterprises) is being considered as the master key of Bihar’s potential industrialization. Therefore, the facility of MSME loan linked to Emergency Credit Line Guarantee Scheme (ECLGS) in this sector should be continued in the next financial year as well. We should not forget that due to this loan, many units of Bihar were saved from bankruptcy in the last few years. Overall, the conditions of loans given under the scheme should be simplified, so that MSMEs associated with the service sector can also avail loans easily.
Special package for MSME sector of Bihar
In fact, the Center should also give a special package for the MSAE sector of Bihar. In the true sense, it will prove to be the growth engine of Bihar’s unemployment and all-round development. Especially MSMEs related to textile, leather, food processing are capable of opening the way to Bihar’s economic prosperity. The Center should open its coffers in this sector.
Center should encourage investment to promote Bihar’s tourism
I am of the opinion that the integrated development of the country is not possible without the development of the backward states. Bihar is known for its ancient heritage. Historically and culturally Bihar is an important state. The archaeological heritage and cultural richness of Bihar has the power to attract domestic and foreign tourists to Bihar. These tourists will give booster dose to our service sector. This will prove to be a new way for our economic progress. With the development of tourism, new employment opportunities will be created in Bihar. It will also be helpful in increasing the growth rate. The tourism development of Bihar is also expected from the central budget.
Capital investment in rural schemes should be increased
It is seen in Bihar that the demand for the products of rural areas has decreased. This lack of demand can increase many other economic problems. That’s why capital investment should be increased in MNREGA and other rural schemes. Along with this, every section of the society is affected by the effect of inflation. The government should reduce both direct and indirect taxes, so that more money can be available with the people.
The policy of equalization of fares played an important role in obstructing the development of Bihar.
The Freight Equalization Policy was implemented in the year 1952, five years after independence. Under this policy, it was decided that any industrialist can set up industry in any corner of the country. It was facilitated that industrialists would be given subsidy from the government for transportation of raw materials. The policy of fare equality has played a big role in hindering the development of Bihar.
Steps should be taken to promote industries in Bihar
The central government should take necessary steps to promote industries in Bihar. Regional imbalance will also reduce due to proper industrial development of Bihar. Bihar is constantly demanding a special package from the Centre. The Center has to accept that India’s progress is not possible while Bihar remains backward. Therefore, the central government will have to make positive efforts to increase backward states like Bihar.
The author is Assistant Professor, Department of Economics, AN College, Patna.
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