: MSMEs demand employment based incentives ahead of National Employment Policy discussion #FinanceIndia #StockMarketNEWS MSMEs demand employment based incentives ahead of National Employment Policy discussion

@StockMarketNEWS Mon 25 Oct, 2021

Posted in: #FinanceIndia #StockMarketNEWS

MSMEs demand employment based incentives ahead of National Employment Policy discussion #FinanceIndia #StockMarketNEWS
MSMEs demand employment based incentives ahead of National Employment Policy discussion New Delhi, 25 Oct (KNN) It is likely that Ministry of Labour and Employment will set up a committee to frame India’s first ever National Employment Policy.

The objective is to boost employment generation for which experts from various industries will be a part of the panel.

In context of MSMEs, the employment opportunities they provide are larger in comparison to their low capital investment. However, state governments offer incentives only based on capital investment which is pejorative as it only caters to the large industries.

As per the National Sample Survey (NSS) 73rd round conducted during the period 2015-16, MSME sector has been creating 11.10 crore jobs (360.41 lakh in Manufacturing, 0.07 lakh in Non-captive Electricity Generation and Transmission, 387.18 lakh in Trade and 362.82 lakh in Other Services) in the rural and the urban areas across the country.

Hence, the MSME fraternity being a significant stakeholder in this matter has urged the government to consider including employment based incentives whilst the framing the National Employment Policy.

This will be not only encourage and flourish small businesses but empower the country’s socio-economic growth by generating grassroots employment.

The first draft is expected to be placed presented by FY22-23 and will be derived from data from employment surveys.

Ways to improve the skills sets of the Indian workforce to match with the international standards will also be addressed in the policy.