MSME Ministry Hosts 'Udyami Bharat - MSME Day' To Discuss Sector Reforms And Launch Initiatives

New Delhi, Jun 26 (KNN) The Ministry of Micro, Small, and Medium Enterprises (MoMSME) will commemorate 'Udyami Bharat - MSME Day' on June 27, 2024, with Union Minister for MSMEs, Jitan Ram Manjhi, presiding over the event.

The event aims to unite key stakeholders, including policymakers, large companies, financial institutions, and international community members, to discuss and exchange ideas on crucial legal reforms needed in the Micro, Small and Medium Enterprises Development (MSMED) Act to foster growth and sustainability in the sector.

The Ministry has expressed its commitment to making the Act more inclusive, comprehensive, and holistic. Proposed legal reforms seek to align the MSMED Act with economic and technological changes that have occurred since its enactment in 2006.

The event will feature four sessions focusing on reducing litigation costs for MSMEs, the conduct of micro and small enterprises arbitration, the use of AI software in MSE arbitration, and legal reforms in the MSMED Act.

Alongside Minister Manjhi, Minister of State for MSME, Shobha Karandlaje, and Minister of State (Independent Charge) for Law & Justice, Arjun Ram Meghwal, will address the attendees.

The event will also see the launch of two national initiatives, the MSME TEAM Initiative and the Yashaswini Campaign.

Additionally, Memoranda of Understanding (MoUs) will be exchanged between the Ministry of MSME and the state governments of Goa, Andhra Pradesh, and Maharashtra.

Further MoUs will be signed between various institutions, including IIAC and Bhashini, NSIC and ONDC, and SIDBI and partner financial institutions.

The Ministry has stated that this event reaffirms its commitment to fostering a robust and sustainable MSME ecosystem in India.

(KNN Bureau)