RBI Expert Committee to undertake comprehensive review of MSMEs for benefit of the sector
New Delhi, Mar 12 (KNN) The RBI's Expert Committee is undertaking a comprehensive review of the Micro, Small and Medium Enterprises (MSME) sector for proposing long term solutions for the economic and financial sustainability.
A press release by RBI issued earlier had said, “Considering the importance of the MSMEs in the Indian economy, it is essential to understand the structural bottlenecks and factors affecting the performance of the MSMEs. It has, therefore, been considered necessary that a comprehensive review is undertaken to identify causes and propose long term solutions, for the economic and financial sustainability of the MSME sector.”
The Expert Committee was constituted by RBI on January 2, 2019 and U.K. Sinha, Former Chairman, Securities and Exchange Board of India has been elected as the Chairman of the committee.
The Committee will review the current institutional framework in place to support the MSME sector, study the impact of the recent economic reforms on the sector and identify the structural problems affecting its growth, examine the factors affecting the timely and adequate availability of finance to the sector and study the global best practices with respect to MSMEs and recommend its adoption in India, wherever appropriate.
Further the Committee will also review the existing MSME focused policies and its impact on the sector, propose measures for leveraging technology in accelerating growth of the sector, and suggest long-term solutions for the economic and financial sustainability of the MSME sector.
The Expert Committee has invited representatives from MSME associations to send reviews on behalf of MSMEs.
FOSMI has also welcomed different MSME associations to send specific issues related to MSMEs by March 13, 2019. (KNN/JM)