MSMED Act to revolutionise SMEs: CII

New Delhi, May 23 (UNI) Welcoming the clearance of the Micro, Small and Medium Enterprises Development (MSMED) Bill, 2006 in the Parliament, CII President R Seshasayee today said this would be a turning point for the development of the Indian industry, as it would address and streamline key governance and operational issues being faced by the micro, small and medium industry.

The Bill would address issues related to visit of the Inspectors, labour laws that intervene with the daily operations of a micro unit and also suggest measures to check delayed payments and encourage flow of credit by banks and financial institutions to the micro industry, he added.

Lauding the proposal to define medium enterprises segment as a step in the right direction, he said it will give the desired thrust to further investments into this sector. This inturn will ensure more funds for technological advancement of the capital intensive (hi-tech) sub-sectors of the small industry.

Recommending the formation of Centre-State coordination committees, for ensuring the implementation of the MSMED Act, he reiterated its commitment to work in partnership with the government to facilitate the implementation of the Act.

The Bill was passed yesterday by a voice vote to enable this sector to meet the global challenges.

UNI CS PV HT1457