Economic Survey: 9 steps govt can take to boost growth of SMEs

Written By Unknown on Rabu, 09 Juli 2014 | 16.03

Nine short-term steps were suggested in the Economic Survey that would be favourable for business environment.

Moneycontrol Bureau

The Economic Survey has suggested 9 short-term steps the government could implement to create a favourable business environment for small and medium businesses. These include:

*Creating a website with all the rules and regulations applicable to businesses across states and the centre.  

* Reviewing the existing regulatory landscape for outdated regulations which can safely be done away with.  

* Strengthening grievance redressal mechanisms against inspections.  

* Minimising human interaction and shift reporting and data submission to an online-only mode wherever possible.  

* Shifting important decision making from the inspector to higher-level officers.  

* Creating a system for self-certification and third-party certification.  

* Allowing firms a time period to remedy faults and lack of compliance rather than penalize them immediately.  

* The government instituting a 'use it or lose it' policy to free up locked land, which can be used for industrial estates, common facilities, incubators, etc.

* Amending the Apprenticeship Act.

Also read: Hghlights of Economic Survey 2013-14


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