"The critical reforms that MSMEs need are in areas such as banking sector and labour markets," said Anil Bhardwaj, Secretary General, FISME.
If we are serious about reaching $5 trillion economy, MSMEs have to play a much bigger role in employment generation, exports, skilling people and making the sector more formalised.
Lack of access to affordable trade finance often restricts MSMEs' access to global market by restricting the flow of working capital.
Workforce inequality, wage disparity and poor working conditions in the informal sector pose a big threat to India’s development.
MSMEs in India are the second largest employer after agriculture with more than a million jobs created annually.
UNIDO is the specialized agency of the United Nations that promotes industrial development for poverty reduction, inclusive globalization and environmental sustainability.
According to the IFC, informal firms are estimated to account for around 74% of all MSMEs in the world, and about 77% of all MSMEs are based in developing countries.
Across India, with their set of unique product offerings, many new age, tech-led players such as Payworld, ShopX and Shiprocket are playing an enabling role for MSMEs.
With 30%, first-time unsecured borrowers on the platform, Indifi is fuelling the growth of country's lending ecosystem by catering to startups & SMEs with little or no credit history.
On the issue of Angel Tax, Singh says that although he is happy with the current set of resolutions put forth by the Government, such a tax was “not needed in the first place”.
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