ENA Sectors 2023-01-27 08:46:44 <p><span style="font-size:14px"><strong>New Delhi, Jan 27 (KNN)</strong> Gurugram-based M1xchange which provides trade receivables discounting system to MSMEs has urged the Union Finance Minister Nirmala Sitharaman to roll out a Factoring Guarantee Fund which would make banks put lower capital on the table then currently required to build a factoring book.</span></p> <p><span style="font-size:14px"><strong><a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a></strong></span></p> <p><span style="font-size:14px">Expressing the firms expectation from the upcoming union budget, Sundeep Mohindru, CEO at M1xchange told KNN India, The Factoring Guarantee Fund should result in loosening purse strings of banks and more money (limits) getting allotted for factoring receivables of MSMEs.</span></p> <p><span style="font-size:14px">Appreciating the Emergency Credit Line Guarantee Scheme (ECGLS) scheme, Mohindru referring to SBI report said that the scheme saved lakhs of jobs by helping MSMEs hold out and overcome pandemic related cash burns.</span></p> <p><span style="font-size:14px">I anticipate some more reforms by way of implementation of further recommendation or two of UK Sinha Committee on MSME report, he added.</span></p> <p><span style="font-size:14px">Looking forward to Farm Sector reforms and roll out of National E- Market for Agriculture Produce on digital platforms, Mohindru said, Possibly some rejig in personal and corporate IT rate slabs will make the budget aam aadmi friendly.</span></p> <p><span style="font-size:14px">He further opined that higher allocation of funds for Green Energy projects is also expected as India is committed to Paris Accord on climate change.</span></p> <p><span style="font-size:14px">Earlier this month M1xchange commenced the testing of international version of TReDs (ITFS) where Indian MSMEs can avail liquidity as low as 4-9 per cent against their invoices. <em><strong>(KNN Bureau)</strong></em></span></p> 32083 https://knnindia.co.in/news/newsdetails/sectors/union-budget-2023-24-treds-platform-m1xchange-calls-for-factoring-guarantee-fund 2023-01-27 08:46:44 knnindia.co.in