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With a major contribution to GDP and employment, the Ministry of Micro, Small, and Medium Enterprises (MSME) sector in India is essential for fair economic development. However, obstacles like late payments prevent it from expanding. The government created the MSME Samadhaan site for faster grievance redressal to lessen this. Unresolved cases, however, continue to exist, which is why tougher laws, like the Insolvency and Bankruptcy Code (IBC 2016), are being considered to ensure that the industry continues to contribute to India's economic development. |
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Ad Detail: MSMEs' Significance in India's Economy
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