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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)
Submission Closed

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.

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Showing 768 Submission(s)
maheshchowdarynalluri
maheshchowdarynalluri 1 year 1 week ago

Micro Enterprises: Investment up to ₹1 crore and turnover up to ₹5 crore.
Small Enterprises: Investment up to ₹10 crore and turnover up to ₹50 crore.
Medium Enterprises: Investment up to ₹50 crore and turnover up to ₹250 crore.

maheshchowdarynalluri
maheshchowdarynalluri 1 year 1 week ago

One of the most significant amendments to the MSMED Act was the revision of the criteria for classifying MSMEs. Initially, the classification was based on the investment in plant and machinery or equipment. However, in 2020, the government revised the definition to include turnover as a criterion alongside investment.

maheshchowdarynalluri
maheshchowdarynalluri 1 year 1 week ago

1. To provide a clear definition and classification of micro, small, and medium enterprises.
2. To offer policy and regulatory support for the growth and development of MSMEs.
3. To enhance the competitiveness of MSMEs in the global market.
4. To ensure that MSMEs have better access to credit, technology, and resources.

maheshchowdarynalluri
maheshchowdarynalluri 1 year 1 week ago

The Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006, is a crucial piece of legislation in India that provides the legal framework for the promotion and development of micro, small, and medium enterprises (MSMEs). Over the years, the act has undergone several amendments to address the evolving needs of the sector and to align with changing economic and industrial scenarios.

advpraveenpratap
advpraveenpratap 1 year 1 week ago

सर,
आपसे पूर्व जो भी सरकारें आई वह इतनी अपेक्षापूर्ण नही थी,जो अपेक्षाएं नागरिकों को आपसे थी या हैं।
इसलिए आपका दायित्व थोड़ा ज्यादा हो जाता है।
सर देश का कानून ऐसा हो कि संभवतः निर्दोष को सजा न हो, ऐसे कानून का निर्माण करना सरकार का दायित्व है।
जो कानून में बदलाव किए गए हैं उनमें
सार्थकता व रचनात्मकता का अभाव है।
जिन पर इसकी जिम्मेदारी थी उन्होंने कानूनी धाराओं को व के कानून को सही से अध्यन नही किया,
उन्हें हस्तांतरण व स्थांतरण को नही समझा।
इसलिए इसमें सार्थकता का अभाव रह गया।
सर जी प्रणाम

Rakesh gupta_336
Rakesh gupta_336 1 year 1 week ago

भारत में जिन राज्यों में कोई ओर भाषा होती है उनको समाप्त करके उनमें compulsory हिन्दी और English भाषा हीं लागू की जाएं।

मतलब उड़ीसा, पंजाब, जम्मू कश्मीर, मराठी, गुजराती, कोंकण , भौजपुरी और मैथिली, राजस्थान, पहाड़ी, और पूर्वोत्तर भाषा खत्म कर देनी चाहिए इनका कोई future नहीं है। न ही कोई खास इतिहास है
जिस भाषा का कोई महत्व नहीं है या अस्तित्व ही बहुत कम है
ऐसी भाषा को मान्यता देने का क्या मतलब है हम क्या भविष्य देखते हैं कुछ नहीं।

केवल तमिल, बंगाली, हिन्दी और English, संस्कृत भाषा हीं लागू करनी चाहिए।
तब हीं India सही तरक्की कर पाएगा।

SHASHIKANTCHAUBEY
SHASHIKANTCHAUBEY 1 year 1 week ago

To tackle the issue of cyber security in the post-pandemic environment, all the stakeholders must work in collective coordination. Besides this, building an environment of trust and confidence necessitates a broader focus that forges user attitude through practical mechanisms and thus formulates a better internet-using environment.

SHASHIKANTCHAUBEY
SHASHIKANTCHAUBEY 1 year 1 week ago

To tackle the issue of cyber security in the post-pandemic environment, all the stakeholders must work in collective coordination. Besides this, building an environment of trust and confidence necessitates a broader focus that forges user attitude through practical mechanisms and thus formulates a better internet-using environment.

SHASHIKANTCHAUBEY
SHASHIKANTCHAUBEY 1 year 1 week ago

Role of Parents and Teachers

Since parents and teachers have a significant influence on the impressionable minds of children and young people, it is only reasonable to have their role in cyber security all the more highlighted.

Now, children can be easily taught and made to learn the rights and wrongs of digital safety but tackling teenagers and young adults are a bit more complicated. As they hold a lot of expert knowledge about new tech and its uses, so it is vital that cyber safety programmes that target them must not overstate the risks of online activities.

SHASHIKANTCHAUBEY
SHASHIKANTCHAUBEY 1 year 1 week ago

Besides this, in recent years, India and Australia have cooperated more closely on cyber and technology issues. This is demonstrated by the Australia–India Cyber and Critical Technology Partnership, other ongoing initiatives such as the two countries’ annual Cyber Policy Dialogue, and new working groups on cybersecurity cooperation and information and communication technologies.

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