UK Sinha panel submit report
- The committee held its deliberations including consultations with various stakeholders and has submitted its report to the governor.
- The central bank has not shared the report. One of the objectives of the panel was to examine the factors affecting the timely and adequate availability of finance to MSMEs.
- The members of the committee included development commissioner for MSME Ram Mohan Mishra; joint secretary at the department of financial services Pankaj Jain; SBI managing director PK Gupta; ICICI Bank executive director Anup Bagchi; IIM-Ahmedabad professor Abhiman Das; Ispirit Foundation founder Sharad Sharma and Dvara Trust chairperson Bindu Ananth.
- India’s Micro, Small, and Medium Enterprises (MSMEs) base is the largest in the world after China.
- The sector provides a wide range of services and is engaged in the manufacturing of over 6,000 products – ranging from traditional to hi-tech items.
- Given the government of India’s latest ‘Make in India’ push, along with a significant jump in the FDI flows, the Indian MSMEs sector is poised for rapid growth and integration with major global value chains.
- The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, governs the coverage and investment ceiling of MSMEs in India.
- According to the Act, there are two categories of MSMEs in the country – manufacturing and services.