NITI Aayog: Small and medium industries more affected by regulation, solution to MSME challenges necessary for a developed India

New Delhi| Micro, small and medium industries i.e. MSMEs are most affected by regulation as compared to big companies. This is an industry which cannot remain isolated. Their challenges should be addressed in groups.

NITI Aayog CEO BVR Subramaniam said, today’s small industries will become tomorrow’s big industries. The Prime Minister has taken a big step towards removing the regulation. A task force led by the Cabinet Secretary is working on this. Speaking at a Confederation of Indian Industry (CII) event, Subramaniam said the government should guide the industry. They should be transformed from micro to small, small to medium and medium to large enterprises.

India cannot become a developed nation unless it raises its standards and manufacturing systems. The CEO underlined three main challenges faced by MSMEs. This includes technology improvements, skilled workforce and quality certification.

Regulations should not create obstacles in the way of financial inclusion: Governor
RBI Governor Sanjay Malhotra says the regulations should not create unintended barriers to promoting financial inclusion. Speaking at the Financial Action Task Force (FATF) event, Malhotra said policy makers should also be careful and not be overzealous about their measures. Legitimate activities should not be suppressed. Malhotra said, laws and regulations should be aimed only at illegal and unlawful people and not at using them as blunt weapons that unknowingly hurt honest people.