The pre-budget survey conducted by HR platform greytHR sheds light on the expectations of India’s growing SME sector, with over 700 SMEs taking part across various industries such as IT, Engineering, BFSI, Pharmaceutical, Healthcare, Retail, Telecom, Automobile, and others. The results showed that almost 30% of the surveyed SMEs hope for tax cuts or rate revisions and 23% are seeking different forms of financial support from the government.
Bengaluru, 30th January 2022: The upcoming 2023 budget, to be presented by Finance Minister Nirmala Sitharaman, has SMEs in India anticipating financial support. greytHR, a cloud-based HR platform, conducted a survey among more than 700 SME owners and leaders to gauge their expectations. Results showed that tax cuts or rate revisions were the top expectation, followed by financial assistance and revised GST rates. Other hopes included access to low-cost tech and innovation, easing business regulations, affordable credit options, and export benefits.
Speaking on the valuable insights provided by the survey, Sayeed Anjum, Co-founder & CTO, greytHR, commented, “With access to thousands of our SME customers, we wanted to understand their key expectations from the upcoming Union Budget 2023. Not only have the survey results served to provide a broader understanding of key requests from business owners, but they have also helped summarise the sector’s priorities as they navigate through a challenging macro environment. With most respondents alluding to the need for tax-rate rationalisation, credit and technology support, it will be interesting to see how the Union Budget 2023 provisions for incentives and allocates monetary support for the burgeoning SME space.”