National Manufacturing Competitiveness Council (NMCC) has also recommended to the government to reduce the Labour and Factory Laws from 44 to just three to address the labour concerns of MSMEs.
The National Manufacturing Competitiveness Council (NMCC) has announced that they will propose to the new government to set up public funded equity funds to extend and release financial assistance to industry in its mid and smaller segments since such industries suffer from credit from public and financial institutions.
Addressing a Seminar on “Enhancing the Indian Manufacturing Competitiveness” organised by the PHD Chamber of Commerce and Industry” Ajay Shankar, Member Secretary, NMCC, said, “The council is toying with this idea and it would soon propose to the new government to put up such funds to accelerate manufacturing, especially in the medium and small scale industries to grant them financial assistance since manufacturing initially does not provide for higher returns and the banks and financial institutions are reluctant to release liquidity to this category of industry.”
Besides, the council has also recommended to the government to reduce the Labour and Factory Laws from 44 to just 3 to enable small manufacturers to progress smoothly and save them from little hindrances that often arise from inspector’s peeps.
Sankar elucidates, “The new government should be able to condense the new labour laws into three categories that will address the labour concerns relating to their safety and security, their legitimate rights to work and provide them welfare.”