Union Budget 2024-25: MSMEs bat for Rs 5,000 crore export booster

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Union Budget 2024-25: MSMEs bat for Rs 5,000 crore export booster - Business Standard

Quick Summary:

The Reserve Bank of India (RBI) launched TReDS in 2014 to facilitate the discounting of invoices and bills of exchange of MSME suppliers.

To promote Geographical Indications (GIs) products, SME industry bodies asked for the creation of a Rs 500 crore fund for its promotion.

The process of TReDS involves uploading invoices and bills by MSMEs for discounting by converting them into factoring units, which have to be accepted by corporate buyers before their discounting can take place by financiers, who will then receive their payments from the bank of the corporate buyer.