Thane, Feb 1 (PTI) The small industries sector in Thane on Sunday hailed the Union Budget and said it addresses the critical challenges it faces.

Thane Small Scale Industries Association and Chamber of Small Industries Association chairperson Sandeep Parikh said the increased provision of Rs 10,000 crore for the SME Growth Fund, alongside the Self-Reliant India Fund, is expected to provide much-needed equity and risk capital to micro-enterprises.

"The Budget addresses the critical challenge of capital for small industries. Mechanisms like Credit Guarantee and the Infrastructure Risk Guarantee Fund will be instrumental in driving private investment and integrating MSMEs into large-scale national projects," Parikh stated.

Eknath Sonawane, TSSIA executive secretary, said the Budget significantly reduces the compliance burden through introduction of a new Income Tax Act as well as TDS/TCS simplification etc. PTI COR BNM

Union Budget boosts SME capital via growth and self reliant funds and simplifies income tax and TDS/TCS compliance. Union Budget enlarges the SME Growth Fund and uses the Self Reliant India Fund to supply equity and risk capital to micro enterprises, with Credit Guarantee and Infrastructure Risk Guarantee Fund mechanisms to mobilise private investment and integrate MSMEs into large projects. The Budget proposes a new Income Tax Act and simplification of TDS/TCS to reduce compliance burdens on small industries.