Furnishing details of enterprises on the MSME data bank is compulsory for evolving parameters for the sector’s growth, KK Jalan, Secretary, Ministry of Micro, Small and Medium Enterprises (MSME), said here on Monday. Speaking at a FICCI summit on ‘Propelling MSME Growth: Ways & Means’, Jalan said the government plans to identify 25-30 sub-sectors and focus on these for raising productivity, a chamber release said. On the financing aspect, one of the biggest challenges facing the sector, Jalan said there was a need to carry out research in the area, as SME credit by banks was declining. He also suggested a dedicated financing institute for MSMEs on the lines of private sector non-banking financial companies.
Pannuda Boonpala, Director, ILO India, appreciated the government’s efforts to support the sector through initiatives such as Make in India or Start-Up India, adding that under ILO initiatives about 10,000 persons had been trained, with an average business start-up rate of about 55 per cent and a creation rate of 2.4 jobs per enterprise. Sanjay Bhatia, President, FICCI-CMSME and Managing Director, Hindustan Tin Works Ltd, said micro enterprises should be exempted from all compliance, inspection and labour laws for a certain period.
Also, to make MSMEs grow vertically, these should be facilitated with the tax benefits linked to direct employment generated by MSMEs and start-up businesses, he added.
IndianBureaucracy.com wishes the very best.