New Delhi, Jun 28 (KNN) On MSME Day, the Union Ministry of MSME announced to comprehensively amend the MSME Development Act of 2006  to pave way for growth of Micro, Small, and Medium Enterprises (MSME) sector.

Presiding over the function,  Union Minister for MSME Jitan Ram Manjhi outlined six focal areas for the ministry. These include formalisation and credit access, market access and e-commerce adoption, productivity enhancement through modern technology, skill development and digitalisation in the service sector, support for khadi, rural, and coir industries, and empowerment of women and artisans through enterprise creation.

Manjhi emphasised the importance of developing micro industries to address poverty and unemployment, particularly in rural areas. He stated that 70 per cent of the population falls below the poverty line, with 90 to 95 per cent of these individuals managing to sustain themselves.

This amendment aims to address the evolving needs of the sector and improve mechanisms for resolving delayed payment disputes.

Rajneesh, Additional Secretary at the MSME ministry, announced the initiative during an event marking World MSME Day. He emphasised the ministry's collaboration with the Ministry of Law and Justice and experts from National Law Universities to craft the amendments.

Concurrently, the ministry is upgrading the Samadhaan portal from a mere tracker to a comprehensive online dispute resolution platform.

Ateesh Kumar Singh, Joint Secretary at the MSME ministry, revealed that the enhanced portal will enable users to file complaints, exchange notices, and participate in mediation processes entirely online.

Manjhi praised Prime Minister Narendra Modi for understanding and addressing the problems faced by this demographic.

The ministry also announced two key initiatives. The first is the Trade Enablement & Marketing (TEAM) initiative, which has a budget of Rs 277 crore over three years. This program aims to onboard 5 lakh MSEs onto the Open Network for Digital Commerce (ONDC) and will assist MSEs with cataloguing, account management, logistics, and packaging material and design.

The second initiative is the Yashasvini campaign, which focuses on formalising women-owned micro enterprises in tier-2 and tier-3 cities.

(KNN Bureau)