• UGI USER
  • Jul 23, 2024
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MSME GROWTH AND DEREGULATION

Why in the news?

  • Economic Survey 2023-24 highlights the need to reduce compliance burdens on MSMEs.
  • Subnational deregulation is crucial for MSME growth, including easing licensing, inspection, and compliance (LIC) requirements.
  • Example: Indian factories face stricter space regulations than in Southeast Asia, limiting employment opportunities.
source:slideshare

About Micro, Small, and Medium Enterprises(MSME):

  • MSME Sector: Key driver of India’s economy, fostering entrepreneurship and employment with low capital.
  • Challenges: Faces issues in finance access, technology adoption, and global competitiveness.
  • Regulation: Ministry of Micro, Small, and Medium Enterprises oversees policies and implementation.
  • Act of 2006: Establishes a National Board and enhances MSME competitiveness.
About Make in India Mittelstand (MIIM) Program:

  • Launch: Make in India program started on September 25, 2014, by PM Narendra Modi.
  • Objective: Boost investment, innovation, skill development, and manufacturing across 25 sectors.
  • MIIM Program: Aims to facilitate German Mittelstand companies’ entry into India.
  • Focus: Support from Indian government and industry partners to ease market entry and investment.