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Modi 2.0: Make Business Compliance Easy and Supportive for MSME

While congratulating the Prime Minister Narender Modi on his massive win in the Lok Sabha Elections 2019, Mr. Rajesh Kumar, Director, Brand Liaison, appealed to him to ease out the business compliances and make them more supportive to the MSME sector. Due to lack of awareness and absence of PRO, the business compliances face low acceptance among the small business groups. As Narendra Modi is expected to sworn in on May 30th 2019, starting his second term as the Prime Minister of India, Brand Liaison feels the new government should focus on making the business environment more conducive for the MSME sector.

Explaining his views, Rajesh Kumar, Director, Brand Liaison, said, “We congratulate Mr. Modi on this decisive victory. With this mandate, his responsibility towards the Indian people, especially the business community, has further increased. The rally at Sensex shows the faith.”

“There are many first-time entrepreneurs who got benefitted from the MUDRA Yojana and are now running their businesses. However, majority of these entrepreneurs do not follow business compliances and regulations. Lack of adequate awareness and lengthy procedures are some of the reasons for this behaviour. The new government must address this issue and make the compliances and regulations more conducive for such businesses. As our social responsibility, we do conduct awareness programmes, such initiatives though, when supported by the government authorities, reach to more people with greater acceptances,” he further added.

As per the government data, around 15.56 crore loans were disbursed under the MUDRA Yojana, amounting to Rs. 7,23,000 crore during 2014-19 period. The government successfully harnessed the youth power through Self-employment Schemes including MUDRA, Start-up India and Stand-up India during its 1st phase. As per an estimate, there are approx. 42.50 million SMEs in India, registered and unregistered together, producing more than 6000 products.