CHANDIGARH: The Punjab cabinet on Friday approved rules to provide a well formulated legal framework for operations of micro, small and medium enterprises (MSMEs) in the state, with effective mechanisms to mitigate the problem of delayed payments to such entities.
The cabinet, led by chief minister Amarinder Singh, on Friday okayed the Punjab Micro and Small Enterprises Facilitation Councils Rules, 2021, the under Micro Small and Medium Enterprises Development (MSMED) Act, 2006, to facilitate promotion, development and competitiveness of MSMEs.
The rules provide the “first ever” legal framework for recognition of the concept of “enterprise” (comprising both manufacturing and services), and integrating the three tiers, namely micro, small and medium. The Act provides for a statutory consultative mechanism at the national level, with wide representation of all stakeholders.
