Summary:
Chandigarh, Sep 17 (PTI) The micro, small and medium enterprises (MSMEs) in Punjab will get an impetus with the state cabinet approving rules to provide a legal framework for their operations, with effective mechanisms to mitigate the problem of delayed payments to such enterprises.
The Cabinet, in a virtual meeting on Friday under chairmanship of Chief Minister Amarinder Singh, okayed the Punjab Micro and Small Enterprises Facilitation Councils Rules, 2021 under Micro Small and Medium Enterprises Development (MSMED) Act, 2006, to facilitate promotion, development and competitiveness of MSMEs.
These rules provide the first-ever legal framework for recognition of the concept of "enterprise" (comprising both manufacturing and services), and integrating the three tiers of these enterprises, namely micro, small and medium, an official statement said.
Apart from clearer and more progressive classification of each category of enterprises, particularly the small ones, the Act provides for a statutory consultative mechanism at the national level, with wide representation of all sections of stakeholders and with a wide range of advisory functions.
One of the salient features of the Act is that it provides an effective mechanism for mitigating the problems of delayed payments of micro and small enterprises, the statement said.
With a view to eliminating the pendency of Protection of Children against Sexual Offences (POCSO) Act and rape cases, the Cabinet also approved the setting up of 9 fast track special courts with the creation of 117 posts for the same.