BJP rule marked by Seva, inclusion, MSME growth: Nirmala Sitharaman

economictimes.indiatimes.com:

Union Finance Minister Nirmala Sitharaman said on Friday. Addressing an intellectuals' meet organised by the district unit of BJP in Udupi, she said the BJP rule was marked by «Seva, inclusion and improvement of Micro, Small and Medium Enterprises (MSMEs).» The reforms brought in by Prime Minister Narendra Modi-led union government in the financial sector has helped the ease of doing business, particularly in the small and medium sector in the country, she noted. She further said the Modi government has accorded priority to the growth of MSMEs by removing archaic laws and compliance burden.

As many as 1,500 archaic laws and 39,000 compliances have been completely removed which rules out the possibility of them becoming instruments of corruption. The elements of the Companies Act which were troubling people have been decriminalised to help the industry including MSMEs. The government also introduced emergency credit line guarantee liquidity scheme during the Covid days to help the sector.

The Raising and Accelerating MSME Performance (RAMP) scheme has also been launched by PM Modi in 2022 for capacity building among enterprises. Seven Intellectual Property (IP) facilitation centres have been established and 1,387 trademarks were reimbursed under the IPR component, she said. Around 1.97 crore people have already registered with the Udyam Portal for MSMEs.

As part of the public procurement policy, 33 percent of procurement by 158 public sector enterprises (PSEs) in the country has been made from MSMEs, the minister said. Through the TReDS platform, the government has facilitated discounting of trade receivables of MSMEs from corporate buyers, thereby ensuring the liquidity of enterprises. With the Procurement and Marketing