Union budget had strong focus on digital transformation
About 50% of the Indian respondents to an international survey on small to mid-sized businesses (SMBs) have sought the government support, with a majority receiving benefits, according to C2FO, the world’s largest platform for working capital.
Comparatively, rising borrowing costs illustrate a chasm between the haves and the have-nots in the global marketplace, a certain segment of SMBs do not have access to capital markets like larger corporations do, said C2FO.
The Government support played a big role in helping businesses endure the pandemic, as 42% of worldwide survey respondents confirmed they received or had applied for funding from government programs including loans, tax breaks, and money to pay workers.
“These percentages speak to the profound impact of the pandemic and on governments’ roles in propping up their economies,” C2FO survey said in a release on 31 Mar 2021.
In India, the Union budget had shown a strong focus on digital transformation and economic growth after the market recession caused by COVID-19. This is expected to help in terms of business ease and the insolvency mechanism as well as easing requirements for start-up funding, noted the survey.
Further, India’s mega Rs.20 lakh crore stimulus package announced in May 2020 ranked among the most substantial in the world after the financial packages announced by the United States (13% of its GDP) and by Japan (over 21% of its GDP).
The C2FO survey covered more than 6,700 SMBs.
C2FO is the world’s largest platform for working capital. It serves over one million businesses representing US$10.5 trillion in annual sales across more than 180 countries. #budget #banking #economies #investment /fiinews.com