8 Action Areas in MSME Policy
The Ministry of MSME has released a draft of the National Policy for Micro, Small and Medium Enterprises (MSMEs) in India, which is expected to bring competitiveness, technical advancement, infrastructural development and specialized finance aid.
Watch #LawWiser premium video on “8 action areas in MSME policy” featuring Prabhjot Singh highlighting the key metrics behind these 8 action areas by the government.
Some of the key action areas include:
- State Government’s Responsibility: Every state must draft SOPs (Standard Operating Procedures) for the registration of MSME.
- Legislation for MSME in India: An organised set of legislation is suggested in the draft which is aimed at reducing conflicts arising out of delayed payments.
- Financial Assistance for MSME: One of the primary objectives of Financial Assistance for MSME includes expanding funds for marketing purposes as it boosts the presence of MSME across the cities.
- Upgradation in Technology: To build an autonomous structure for MSMEs, certain skill and research-based centers with experts must be established with a tailored set of guidelines, manuals and checklists.
- Ease of doing business: The proposal suggested connecting clusters and other key MSME centres with the country’s transportation infrastructure.
- Exit Code
- The draft proposes connecting small and medium enterprises with a Fast-Track Corporate Insolvency Resolution Process.
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