Mr. Piyush Goyal urges the industry to prepay MSME’s

Mr. Piyush Goyal, Minister of Commerce and Industry, while addressing the heads of top Business and Industry Associations of the Country appeals to the industry to prepay MSMEs for the goods supplied or services rendered by them with an aim to boost employment and growth within the sector.

The agenda of the said meeting was to seek the suggestions and inputs of the heads of top Business and Industry Associations to ensure continuation of fast recovery of economic activities and high growth rates being achieved.

Further, Mr. Piyush Goyal applauded the "commendable rebound of the industry” post the outbreak of COVID-19 Pandemic and for the resilience displayed while grappling with the pandemic, specifically in the field of exports.

Further, it was highlighted that the pandemic has changed many things and shown new ways of doing business, like online meetings, and many of these are going to stay in the post-COVID world, and Indian professionals had demonstrated great success in adopting this new way of working.

Highlighting the progress made in FTA negotiations, Commerce Minister Goyal said that the Government was striving to conclude several Early Harvest Agreements so that their benefits could reach industry soon.

Further, it was added that an FTA with UAE was nearing conclusion, negotiations were at an advanced stage with Australia and that discussions with Israel were ongoing.

Industry Associations are advised to encourage the stakeholders to invest in the Research and Development as business and growth strategy.

It was also suggested to launch a Single window system clearance, to improve ease of doing business. Mr. Goyal also suggested the industries to give their valuable inputs regarding reduction of compliances which include simplification of compliances, elimination of several compliances, decriminalization of several laws.

Mr. Goyal added that Government is committed to big infrastructure and capital expenditure to support business activities. He further asked the industry to use initiatives launched by the government, PM GatiShakti National Master Plan and India Industrial Land Bank to name the few, to the best possible extent to expand and grow in the industry.