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MSMEs: Policy, Regulatory and Legal Framework | Study Notes and MCQs
MSMEs: Policy, Regulatory and Legal Framework 1. Policy Framework for SMEs Since 1991, India has shifted its policy framework to favor liberalization, privatization, and globalization. MSMEs were given importance under the New Industrial Policy of 1991 to ensure balanced regional development, create employment, and boost exports. New policies aim to strengthen MSMEs' competitiveness, innovation, and productivity. 2. Policy Shifts since 1991 Key shifts include: Deregulation and simplification of processes Increased private participation Establishment of credit guarantee schemes Emphasis on technology upgradation and skill development 3. Regulatory Framework The MSME sector is governed by several regulations, such as: MSMED Act, 2006 Factories Act, 1948 Payment of Wages Act, 1936 Environmental and labor laws specific to SME operations 4. Laws and Regulations for SMEs Key legal regula...
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