NITI Aayog asks FISME to collate MSME concerns on Companies Act to reduce compliance burden
New Delhi, Jan 15 (KNN) With an objective to reduce compliance burden on Micro, Small and Medium Enterprises (MSMEs), NITI Aayog is focusing on Companies Act 2013.
NITI Aayog has asked the national MSME body Federation of Indian Micro and Small & Medium Enterprises (FISME) to collate the feedback from its associate members comprising of 740 sectoral and regional associations.
NITI Aayog is a policy think tank of Government of India which is chaired by Prime Minister of the country.
Off late, it has been focusing on reducing compliance burden in the States but now it has shifted its gaze on Ministry of Corporate Affairs.
The trigger has come with increasing realization that most Micro and Small units fail to graduate to Medium segment in India because of punishing compliance burden with requirements like appointment of women directors and independent directors, cost accounting etc kick in with size.
These issues have been raised sporadically by FISME which has now been asked to present the feedback in a structured manner.