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:
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