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Budget Speech 2019-2020 : it’s now or never

Deva Armoogum
Deva Armoogum, Managing Director, EGSP Solutions

The overarching objective of the 2019-2020 Budget Speech is to ‘embrace a brighter future together as a nation’. The first two of the ten avenues spelt out to achieve this objective are: firstly, strengthening the pillars of economic growth, and secondly, consolidating the productive sectors while shaping a more democratised economy.

EGSP Solutions is here to help you take advantage of these new opportunities to boost your business.

A number of measures have been identified to spur private investment and boost the productive sectors, including arranging for financial support through a newly created ISP Limited (which takes over from the Investment Support Programme Committee), and a plethora of new incentives to the SME sector, such as reduction of interest rate to 3.9% and the reduction of the cost of capital under the SME Equity Fund to 6%.
Importantly however, is the creation of a new category of enterprises which is called the Mid-Market Enterprises (MMEs), which are companies having annual turnover between

Rs 50 million and Rs 250 million. Amongst other incentives, these companies will benefit from new financing schemes, new lines of credit for export factoring services, the eligibility to LEMS II with a reduced interest rate of 4.25%, as well as eligibilty to financing under the SME Equity Fund.  

This is probably the chance many companies have been waiting for, either to salvage their lifetime endeavour to create and nurture a local enterprise or to boost it to new levels of growth and productivity.

EGSP Solutions is here to help you take advantage of these new opportunities to boost your business. Our mission is to provide advice and guidance to private and public enterprises, to assist in the development and implementation of their strategies and business plans, and to provide governance and managerial support to help building strong, viable and sustainable enterprises.

Business Planning and Business Performance Improvement are at the core of our services, but we do this with an intent focus on sound governance practices. Indeed, it is now proven that enduring solutions and sustainable organisations are crafted, not around quick fixes or technically brilliant solutions, but around rigorous efforts to build sturdy policies, systems and procedures which motivate and energise your people, while meeting the highest ethical standards.