On International MSME Day, the Ministry of Micro, Small, and Medium Enterprises (MSME), in collaboration with the Ministry of Law and Justice and the National Law School, Delhi, hosted the dynamic ‘Udyami Bharat’ event. This significant gathering focused on the theme “Legal Reforms in the MSME Ecosystem” and took place at Bhim Auditorium, Dr. Ambedkar International Centre, New Delhi on June 27, 2024.
The event commenced with a warm welcome by Ateesh Kumar Singh, Joint Secretary of MoMSME, who outlined the day’s agenda. He highlighted ongoing efforts to transform the Samadhan portal into a comprehensive online system and discussed collaboration with the Ministry of Law and Justice for legal aid and amendments to the MSMED Act, 2006.
Session Highlights:
Session 1: Reducing Litigation Costs for MSMEs
Panelists:
- Avnit Arora, Director, Department of Legal Affairs, Ministry of Law and Justice
- Kirti Uppal, Senior Advocate
- Dr. Prem Chand, Assistant Professor of Law, National Law University, Delhi
- Vinod Kumar, President, India SME Forum
- Purti Gupta, Advocate-On-Record, Supreme Court of India
Moderator:
- Radhika Bishwajit Dubey, Central Government Standing Counsel
Avnit Arora elaborated on the Mediation Act, 2023, emphasizing its structured approach and reduced costs for MSMEs. Radhika Dubey stressed the importance of training stakeholders and mediators familiar with sector-specific issues. Kirti Uppal underscored the need to minimize court interference, while Purti Gupta advocated for recognizing MSMEs as a separate class of creditors under the IBC.
Session 2: Innovations in Arbitration
Vinay Kumar Sanduja, Registrar of IIAC, presented the new regulations for Micro and Small Enterprises Arbitration, highlighting their potential to streamline dispute resolution.
Session 3: Leveraging Technology for MSMEs
Amitabh Nag, CEO of Bhashini, showcased the platform’s capabilities in live transcription and document translation, enhancing accessibility in arbitration practices for MSMEs. The session concluded with the signing of an MoU between IIAC and Bhashini.
Plenary Session:
S.C.L. Das, Secretary of the Ministry of MSME, lauded the sector’s contributions to the economy and emphasized the significance of International MSME Day. Dr. Rajneesh, Additional Secretary & Development Commissioner (MSME), highlighted the sector’s role as a major employer and contributor to GST, and introduced the Trade Enabling and Marketing (TEAM) Initiative and Yashasvini Campaign for women entrepreneurs.
Justice (Retd.) Hemant Gupta, President of IIAC, emphasized the efficiency of the new arbitration regulations in addressing MSME grievances. Auguste Tano Kouame, Country Director of the World Bank, acknowledged MSMEs’ role during the COVID-19 recovery and discussed collaborative projects like RAMP, GIFT, and SPICE.
Ministers Shobha Karandlaje and Arjun Ram Meghwal highlighted MSMEs’ potential in achieving a developed Bharat and their pivotal role in Industry 4.0. The event concluded with Union Minister Jitan Ram Manjhi emphasizing MSMEs’ power to uplift the underprivileged through economic, social, and technical advancements.
Panel on Legal Reforms:
Panelists:
- Avnit Arora, Ministry of Law and Justice
- Anil Bharadwaj, Secretary General, FISME
- Dr. Navneet Sharma, Director General, CIRC
- Prof. (Dr.) Ritu Gupta, National Law University, Delhi
- Ramni Taneja, Advocate & Solicitor, England & Wales Supreme Court
Moderator:
- Anant Vijay Maria, Advocate-on-Record, Supreme Court of India
Discussions centered on enhancing the MSMED Act, improving credit flow, and incentivizing policies for MSMEs. Navneet Sharma highlighted the growth potential in the digital economy, while Ritu Gupta pointed out the need for better payment mechanisms and outreach programs.
The event exemplified a collaborative effort to empower MSMEs through legal reforms, technological innovations, and strategic initiatives, reinforcing their critical role in India’s economic landscape.
