Punjab State Govt To Improvise Investment Ecosystem to Boost MSMEs
While MSME entrepreneurs have already expressed their deep concerns on turbulent economic times and Government’s will is committed to ensuring MSME development. Focusing on giving a boost to Punjab’s investment climate and employment generation, Punjab Cabinet has approved the conversion of the Factories (Punjab Amendment) Ordinance 2020 into a Bill to be tabled for the enactment of the law in the Vidhan Sabha.
The approval came during a virtual meeting of the Council of Ministers headed by Chief Minister Amarinder Singh.
The Bill provides for changing the existing threshold limit for small units. The change has been necessitated by the increase in manufacturing activity by small units in the state, and is aimed at promoting small manufacturing units.
This would help create more employment opportunities for workers, according to an official spokesperson.
Further, in view of the absence of any provision in the existing law for compounding of offences for violations found at the time of inspection of factories by an Inspector, the Bill will also incorporate Section 106-B in the proposed Act.
This will facilitate faster settlement of cases and reduction in court action, said the spokesperson.