Trade between India and the UAE is set to hit USD 100 billion by 2020, up from the current USD 60 billion. The various initiatives taken by the Government of India and the announcements made in the recent Budget 2017 shall certainly enhance industries competitiveness in the country and in particular the MSMEs. The step towards reducing the corporate tax rate for small companies will have a positive impact on the viability of around 97 per cent (67 lakh) businesses in India. As the MSMEs become more viable and sustainable, the overall attractiveness of the small businesses will increase leading to the positive orientation and entrepreneurship in the country is bound to grow.

(Money Control)