Since the inclusive development of MSME is imperative, major MSME associations can be designated as Self Regulatory Organisations (SROs). Elaborate (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· India has 6.33 crore MSMEs that employ 40% of the country’s non-farm workforce, contributing nearly 25% of services output and 33% of manufacturing output.
· Almost 99% of the MSME firms in India are in the ‘micro’ segment.Prior to Independence, the landscape was different, with composite groups of village and small industries.
· SROs are non-governmental organisations that set and enforce rules and standards relating to the conduct of entities in their respective segments.
· SROs would help the MSME sector come together strongly to set higher quality parameters and monitor the industry performance, improve reliability and productivity parameters.
· This, in turn, would help Indian MSMEs upgrade their export-competitiveness, which is the very basis for increased trade volumes and improved business margins.
· SROs can take the lead in shaping their sector and pitch ideas to the government for development-oriented policies.
· Having MSME SROs would also bolster the confidence of the lending institutions on giving better access to credit to MSMEs and enable the former to be policy-participants in improving the acknowledgment.
· To translate the atmanirbharta values, we need to empower and trust our local entrepreneurs. With SROs, MSMEs will have power that would rightfully come with accountability.
K. V. A 3 years
Kindly review
IAS Parliament 3 years
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