MSME Day 2024: As India and the world celebrate the MSME Day on June 27 recognising the role played by over 6 crore MSME units in the country’s GDP, exports, job creation and more, the MSME Ministry is organising the Udyami Bharat programme on Thursday.
The programme, according to a release by the MSME Ministry, will discuss legal reforms required in the MSMED Act to support MSMEs.
“The proposed legal reforms aim to align the MSMED Act with the transformative changes that occurred in the economic and technological landscape since the enactment of the MSMED Act in 2006,” the ministry said.
The programme will have four sessions on reducing the litigation cost for MSMEs, Presentation on the IIAC (Conduct of Micro and Small Enterprises Arbitration), Presentation on the use of Bhashini’s AI software for MSE arbitration, and a plenary Session on legal reforms in the MSMED Act, 2006.
The ministry said MSME Minister Jitan Ram Manjhi and the Minister of State for MSME Shobha Karandlaje will also “dedicate the MSME TEAM Initiative and the Yashaswini Campaign to the nation.”
Moreover, MoUs will be exchanged between the Ministry of MSME and the state governments of Goa, Andhra Pradesh, and Maharashtra. There would be other MoUs to be exchanged between IIAC and Bhashini, NSIC and ONDC, and SIDBI and partner financial institutions.
Highlighting the growth of the MSME sector, the ministry noted that the share of MSME Gross Value Added (GVA) in India’s GDP grew from 29.7 per cent in 2017-18 to 30.5 per cent in both 2018-19 and 2019-20.
“As we commemorate MSME Day, it is evident that these efforts not only support economic growth but also empower diverse segments of society, ensuring sustainable livelihoods and bolstering India’s journey towards self-reliance and prosperity,” the ministry said.
As of April 2024, MSMEs were deployed Rs 24.6 lakh crore in gross bank credit by scheduled commercial banks under priority sector lending norms, up by 18.1 per cent from Rs 20.84 lakh crore during April 2023, as per the RBI data.
