Key takeaways –

1. Government has encouraged MSMEs but much more is required
2. To achieve Viksit Bharat efforts from Government have to be concerted and focussed

Challenges:

3. MSMEs are suffering from many issues and without government intervention cannot flourish
4. Finance is continuing to be major challenge
5. Delayed payments from large industries, and government continue
6. Competition from China is intense and Indian MSMEs are not prepared accordingly
7. Land prices are high, adding to the cost and making MSMEs uncompetitive
8. Technology gap is very high
9. Government could consider control of important prices, especially steel
10. High compliance cost
11. Lack of Infrastructure, both physical and technology
12. No support for R&D

Way Forward:

13. Rationalisation of GST
14. Formation of clusters
15. Encouraging female entrepreneurs
16. Working capital needs to be strengthened
17. Institutional support from SIDBI needs to improve
18. Need to enhance CLCSS and SCLCSS
19. Create a new category of Nano-enterprises

Finally:

20. A focussed policy for MSME in Viksit Bharat needs to be formulated