Ease regulatory burden on SMEs: NMCC

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SME Times News Bureau | 25 Feb, 2012
The government should focus on easing the regulatory burden on the small and medium enterprise (SME) sector, viewed the National Manufacturing Competitiveness Council (NMCC) in New Delhi on Friday.

The easing of regulatory burden on manufacturing specially for the SMEs is essential for competitiveness. It was agreed that this should be given utmost priority, said a official release.

The representatives of industry were also of the view that a significant lowering of interest rates by the RBI was essential for the revival of investment at the present juncture

Among others, industrialist Ratan Tata, Planning Commission member Arun Maira, Chief Economic Adviser Kaushik Basu, Secretaries of the Department of IPP, Heavy Industry, MSME attended the meeting.

Briefing the members of the council, Commerce and Industry Minister Anand Sharma mentioned about the progress in implementation of the National Manufacturing Policy and highlighted the need for partnership between the Centre, state governments and industry in achieving the ambitious goals of the new policy.

The council headed by Dr. V. Krishnamurthy welcomed the first-ever manufacturing policy and viewed that achieving 12-14 percent manufacturing growth rate and creating a 100 million jobs over the next ten years was absolutely critical for inclusive growth and social stability.