Turning jobseekers into job-givers is an important goal of the government and many steps have been taken in recent years to achieve this objective, said Chief Economic Adviser V Anantha Nageswaran. “It relieves pressure on the job market. In terms of financing, the credit guarantee scheme that was launched during Covid, and continued until this year, has done a wonderful job in ensuring that the MSME space remains vibrant,” he said at an event organised by Bharatiya Yuva Shakti Trust (BYST) here on Wednesday.
Citing a study, he said the unified payments interface is helping create a credit eco-system, as it provides information to banks about the granular behaviour of nano-entrepreneurs.
This information flow will encourage banks to increase their lending because the credit footprints created will help them take key financial decisions, he said.
“In the 2023-24 Budget, the government made a very important announcement: those small entrepreneurs who want to claim deductible business expenditures can only do so if they have actually made the payment, rather than on an approval basis,” he said.
Speaking on the occasion, BYST Managing Trustee Lakshmi Venkataraman Venkatesan said promotion of inclusive growth is vital in a country like India to enhance employment opportunities, especially in underserved communities.