Government convenes Better Regulatory Advisory Group for MSMEs

New Delhi, Feb 7 (KNN) Eyeing at a comprehensive framework for different sectors including the Micro, Small and Medium Enterprises (MSMEs), the government recently convened a ‘Better Regulatory Advisory Group’ under the chairmanship of DIPP Secretary.

A release from the Commerce and Industries Ministry informed about the latest development.

The Advisory Group has been formed to look into the issues to improve regulatory processes for fast tracking of investments, both from the domestic and the foreign companies, the release informed.

The members of the group during the first meeting emphasized that there is a need to evaluate the regulatory burden in certain areas and also to create a mechanism for regulatory impact assessment of proposed regulations.

The Group advised the formation of following six sub-groups to identify regulatory bottlenecks and suggest best practices in these sectors followed  world over and present their recommendations within two weeks.

The sectors that the sub-groups will look include Income-tax, Goods and Services Tax, Corporate Laws, Financial Securities Law, Regulatory Impact Assessment, MSME. (With PIB Inputs) (KNN/DA)