India’s economic growth has been pinned to the growth of the MSMEs. Apart from adding numbers to the GDP, growth of sector also connotes to establishing social balance and creating avenues of employment generation. The development of the sectors in terms of size and numbers also signifies securing livelihood for the large populace and high youth population. Cognizant of the role MSMEs have to play in the holistic development of the country, the Government of India has extended their continued support for easing out the existing challenges and providing incentives for start-ups.
With several positive measures, the Government has catered to almost all possible challenges of the MSMEs which includes relaxation of procedural and administrative norms, timely access to affordable funds and others have provided the sector with new hope of development. After relaxation of GST norms, the government has gone a way forward to introduce Composition scheme where the entrepreneur is saved both from the struggle of long documentation process and can file a self-assessed tax. Similarly, regulations related to exports have also been eased to encourage the MSMEs to mark their global footprint.
CII will continue to put forward recommendations and follow up on the ones presented for easing out the challenges of the MSMEs. CII has been advocating for the cause of growth and development of the MSMEs. The current edition of the newsletter provides a short analysis of the Leather Industry.
The newsletter also covers recent CII initiatives for MSME and details of upcoming events.