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| Govt to set up task force to address MSME sector problems |
| Press Trust of India / New Delhi Aug 26, 2009, 17:02 IST |
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The government will soon set up a task force to address the problems of the micro, small and medium enterprises (MSMEs) sector that has been demanding availability of adequate financing and change in labour laws.
MSME industry officials, who met Prime Minister Manmohan Singh today to apprise him of their difficulties arising out of the global economic slowdown, said they were assured that the Task Force would submit a report within three months.
"Prime Minster said that a task force will be formed to help the MSME sector," Federation of Indian Micro, Small and Medium Enterprises (FISME) Chairman Suresh Mohan said.
Officials of industry associations like CII and Assocham, Federation of Indian Micro, Small and Medium Enterprises said the suggestions included the need to amend various labour regulations.
CII Director General Chandrajit Banerjee said the industry had sought that the RBI should ensure that 15 per cent credit flow was earmarked for Micro and Small Enterprises.
The MSME sector, which accounts for 45 per cent of the manufacturing sector and employs 42 million people, has also demanded the setting up of an SME Stock Exchange to help raise finances easily to encourage product innovation and better risk management.
Besides, the sector has been demanding a proper procurement policy giving preference to the MSMEs.
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