Expert Committee On Micro, Small & Medium Enterprises
MSME sector is a vital component of the Indian economy. The sector consists of 63 million+ units employing about 111 million employees, which is about one-fourth of the countries’ labour force. MSMEs contribute about 45% countries’ production and contributes to exports to the extent of 48% of the country’s total exports. This vital statistic speaks volumes about the importance of MSMEs in all respects.
The sector has undergone tumultuous situations in the recent past due to demonetization and implementation of the GST. Considering the various difficulties and bottlenecks faced by the MSMEs, the Reserved Bank of India appointed “Expert Committee on MSMEs under the Chairmanship of Shri U K Sinha (formal chairmen of SEBI).” The Committee has undergone in various aspects of the sector and has come out with many vital recommendations for the consideration of Reserve Bank of India and Central Ministry of MSME’s. We would summarize here below the recommendations of the Committee-