New Delhi, Mar 1 (KNN) The Micro, Small and Medium Enterprises (MSMEs) in the country are in need of focused attention, a study conducted by the Institute of Small Enterprises and Development revealed.

The report was released by the Union Minister of State for External Affairs VK Singh at the Global Economic Summit 2018 held in Mumbai.

The report stressed on the need for focused attention on the MSME sector that provides 80 million job opportunities.

The study further highlighted that despite of economic slowdown, the sector’s performance is impressive.

Since economists believe that business confidence plays a crucial role for the sustainable economic growth therefore it is necessary to boost MSME confidence for the Indian economy to overcome its growth slowdown considering its size and coverage according to the report.

Due to fiscal and financial constraints there were significant rigidities in the MSME market and entrepreneurial confidence in the past 2 years.

Therefore it is necessary to bring some positive changes like enhanced formalization, and a simplified tax structure through GST to offset such rigidities.

However, such benefits have been offset by the recent reports of scams in public sector banks, said ISED Director PM Mathew.

The report also suggests a six-point reform package with the concept of ‘Enterprise Security’ as its focal point.

The study further stressed that getting a conducive environment for starting and sustaining a business should not only be considered as an opportunity but right of every citizen and such rights need to be comprehensive, in relation to various aspects of starting and running a business. (KNN/YV)