Home | MyGov

Accessibility Tools
Color Adjustment
Text Size
Navigation Adjustment

Discussion on Amendments in the MSMED Act 2006

Discussion on Amendments in the MSMED Act 2006
Start Date :
Jul 05, 2024
Last Date :
Aug 05, 2024
23:45 PM IST (GMT +5.30 Hrs)

The Ministry of MSME is in the process of amending the MSMED Act, 2006. In this regard, this Ministry had consulted various central Ministries/Department/State Govt./Industry ...

The Ministry of MSME is in the process of amending the MSMED Act, 2006. In this regard, this Ministry had consulted various central Ministries/Department/State Govt./Industry Associations/other stakeholders & general public.

Based on the consultations and written inputs received from various stakeholders, the amendments proposed in the MSMED Act, 2006 are based on the following four key pillars:

A) Enhancing inclusivity and broad-basing the scope of the Act;
B) Future-proofing the Act;
C) Improving co-ordination under the Act;
D) Enhancing the ease of business in the ecosystem;

A) Enhancing Inclusivity and Broad-basing the scope of the Act
• Accord statutory status to Udyam registration for availing benefits under the Act.
• Provision for credit guarantee coverage to Micro and Small Enterprises by Government.
• Enabling provisions to address issues of credit gap; shortage of working capital; ensure adequate, affordable, and timely finance to enterprises; minimize the incidence of financial stress among enterprises; and leverage new and emerging platforms and technologies such as the Trade Receivables Discounting System, Account Aggregator Framework, etc.
• Provision for targeted mechanisms for capacity building of women, members of SC and ST, and rural artisans and craftspeople and provisions for market access, financial and digital literacy.
• Inclusion of cottage, village, and coir industries as rural artisans and craftspeople in the MSME classification scheme, to promote rural industries and enterprises.
• Inclusion of Medium Enterprises in the dispute resolution framework

B) Future-proofing the Act
• Strengthen provisions for technological upgradation and green technology to enhance productivity, quality, and competitiveness.
• Enabling provisions for the adoption of energy-efficient, sustainable technologies by MSME.
• Designation of a Green Fund to support the energy transition of MSME and integration in the global value chain.
• Addressing industrial obsolescence among enterprises.
• Promoting technological upgradation and research and development among enterprises.
• Encouraging the adoption of sustainable technology solutions by enterprises.

C) Improving coordination
• Streamline the structure, working, and functions of the National Board and the Advisory Committee to make them lean, efficient, and responsive to the requirements of MSME, and strengthen the monitoring and evaluation mechanism.
• Provision to set up an adequate number of Facilitation Councils in States for better access to MSMEs, along with an incentive structure to promote competition and good performance among them.
• The composition of the Facilitation Councils may be prescribed by the State Government.

D) Enhancing Ease of Business in the Ecosystem
• Provisions for the decriminalisation of offences by converting criminal fines into civil penalties.
• Simplification of regulatory clearance mechanism and procedure for establishment and management of MSME by making suitable provisions in the Rulemaking powers of the appropriate Government.
• Creating and encouraging the adoption of digital solutions to improve transparency and foster a culture of accountability
• Make the adjudication process simpler and speedier, aligning it with the alternative dispute resolution framework and online dispute redressal.

Please Click Here to Read more.

Showing 511 Submission(s)
Deepali Hingne
Baas Image 18441920
Deepali Hingne adv 11 hours 26 minutes ago

in msme 2avoid corruption non-work
strict rule or halp skill program done then certified
quality of work - skill base
skill based work आज सबकुछ होकर भी पिछे है then how cn future generation over the world survive due unnecessary dependency on -digital techno robotic +
transport use..what about health ..?
means सब set है तो own pure form of intellectual, originality of thought quality
how cn we bring ..?
-skill from early childhood education as per r own country nature
-skill come from inner/inside observation 2nature by senses
-skill with practical approch
गुरुकुल stystem in सनातन skill develop education student own mindset
-skill real spend time in ground means - workshop
-skill work human inside interest training program
-why people avoid grassroot work means - mindset interest where u engage
-skill become complicated if not learn early age as per sports
-skill work do arewise & diversity of nation ..

Baas Image 458930
JOYJEFFRIN 12 hours 22 minutes ago

காலத்திற்கு ஏற்ப பயிர் சாகுபடி செய்ய வேண்டும் என்பது போன்று காலத்திற்கு ஏற்ப சட்ட திருத்தம் செய்ய வேண்டும் என்பது என் வேண்டுகோள்.

Baas Image 62600
Oshin Chaurasia 16 hours 58 minutes ago

MSMED act is a futuristic and visionary act for development of Msme sector. Some changes are done in this act. My view is to develop legal framework to sort out legal issues in a particular time.

kunal kishore_11
Baas Image 2030930
kunal kishore 17 hours 24 minutes ago

MSMED act is a futuristic and visionary act for development of Msme sector.some changes has been done in this act.my view is to a legal framework has been develop to short out legal issues in a particular time.second start up facility has been promoted at large scale.third area wise and sector wise policy has been framed for their proper development.

kunal kishore_11
Baas Image 2030930
kunal kishore 17 hours 29 minutes ago

MSMED act is a legal regulator of Msme sector.there are some changes regarding it.my view is to a national policy has been framed for implement at grass route level.second check and improvement system has been necessary for it.third Msme cluster has been develop for available all facility related to it.fourth a inspection mechanism has been develop to find our fraud and illegal activity in msme sector.