The Central and State governments should form a separate Ministry for micro enterprises, Consortium of Indian Associations (CIA) convenor K.E. Raghunathan said on Friday.
The consortium conducted a survey in June, covering 81,000 self-employed micro and small businesses across the country. It was found that 73% of the units did not make any profit during 2020-2021, and 42% were unable to decide on retention of employees.
The governments should adopt a three-pronged approach to revive MSME units. They should exempt them from statutory compliances and penal actions, protect them from interest burden and high prices of raw materials and support the industries with liberal loans, moratorium and interest waiver, Mr. Raghunathan said.
