The Union Budget for FY23 was presented with lots of expectations as it does appear that the economy is back on track creating conditions where the budget could make a significant impact.
'The hospitality and MSME segments are yet to reach the pre-pandemic level of business,' Finance Minister Nirmala Sitharaman said in her Union Budget speech.
The SBI Research report claimed that MSME loan accounts worth Rs 1.8 lakh crore were saved from slipping into NPA during the period.
Finance Ministry in May expanded the scope of the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme by including concessional loans to hospitals for setting up on-site oxygen generation plants.
The interest rate on these loans has been capped at 7.5%, which means the banks can offer loans less than this ceiling. However, slow disbursal remained an issue.