New Delhi, Nov 12 Digitised and time-bound single window clearances can be a game-changer in improving the investment climate for micro, small and medium enterprises (MSMEs) across states, an Assocham report said on Wednesday.
The report called for accelerated reforms aimed at simplifying business regulations, improving approval systems and supporting the growth of India’s MSMEs.
At the national level, the report proposes a single, consolidated annual MSME compliance form combining multiple filings. It also suggests introducing biennial or triennial filing cycles for registered MSMEs to ease compliance under the Companies Act.
“While there have been notable policy reforms and simplification of processes such as for GST recently, businesses still navigate multiple layers of compliances and approvals,” said Nirmal Minda, President, Assocham.
Assocham is working closely with both central and state governments to identify and implement regulatory and financial reforms.
“Together, we can create a transparent, efficient and investment-friendly environment that benefits both small and large enterprises and drives India’s growth story forward,” Minda observed.
Highlighting the disproportionate impact of regulatory compliances on smaller enterprises, the report observes that MSMEs continue to face high penalties, overlapping documentation and multiple filings, discouraging formalisation and growth.
It, therefore, advocates for simplified return filings, graded penalty structures, exemptions from mandatory audits and integration of multiple statutory filings into a single digital interface to reduce compliance costs.
Manish Singhal, Secretary General, Assocham, said, India’s growth ambitions rest on our ability to make business easier, faster and more predictable for MSMEs.
“States have a pivotal role in this transformation as by prioritising MSME empowerment, we can unleash unprecedented entrepreneurial energy across the country,” he mentioned.
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