Easing Compliance Burden Vital for MSME Growth: Economic Survey

India's micro, small and medium enterprises (MSMEs) face significant regulatory and compliance challenges, alongside issues in securing affordable funding. The Economic Survey 2023-24 advocates reducing compliance burdens, enhancing market access, and ensuring better bureaucratic collaboration to streamline processes and foster growth.

India's micro, small and medium enterprises (MSMEs) are still grappling with extensive regulation and compliance challenges, according to the Economic Survey 2023-24 tabled in Parliament on Monday.

The Survey underscores that reducing the compliance burden through a single-window mechanism, digitisation, and grassroots facilitation is crucial for MSMEs' growth.

Bureaucratic collaboration at both central and state levels is essential to streamline these processes, freeing up management bandwidth to focus on business expansion and market access.