MSME Sector Gets Big Boost: Allocation Doubled; Custom Duty Rejig To Help Too

The Micro, Small and Medium Enterprises or the MSME Sector has seen a big spike in the allocation for FY21-22. To further support the MSME sector, the Finance Minister also announced a reduction in Customs Duty on certain specific items that are produced by the MSME sector.

“We are reducing Customs Duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels. To provide relief to metal recyclers, mostly MSMEs, I am exempting duty on steel scrap for a period up to 31st March 2022,” said FM Nirmala Sitharaman in her Budget speech.


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