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2013-10-03

IMC submits final report for better credit flow and easy closure process for MSMEs

The government-panel looking into problems faced by MSMEs has submitted its final report to Cabinet Secretary Ajit Kumar Seth, suggesting ways to improve credit flow and efficient framework for closure of unviable businesses.

The government-panel looking into problems faced by MSMEs has submitted its final report to Cabinet Secretary Ajit Kumar Seth, suggesting ways to improve credit flow and efficient framework for closure of unviable businesses. 



The government had set up an inter-ministerial committee (IMC), headed by Micro, Small and Medium Enterprises (MSMEs) Secretary Madhav Lal, to look into problems faced by small units and suggest measures to enhance manufacturing in the sector. 

 

"We have submitted our report to the Cabinet Secretary recommending enhancement and growth acceleration for the sector in the short and medium-term. We have suggested better integration of MSMEs in the entire value-chain," an official said. 



The recommendations include simplification of rules for entry of small units, easy flow of credit, better labour laws, and efficient framework for closure of unviable businesses, he added. 



The small-scale industry has been facing problems like decline in exports, high cost of credit, obsolete technology, lack of skilled workforce and tough entry and exit policies. 



Besides Lal, other members of the IMC include Secretary in the Ministry of Labour M Sarangi, Textiles Secretary Zohra Chatterji and Department of Industrial Policy and Promotion (DIPP) Secretary Saurabh Chandra. 
 

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