October 29, 2020
Punjab is home to over 250,000 Micro, Small, and Medium Enterprises (MSMEs) that employ more than 2 million people
At the end of the two-year project period, Punjab hopes to see a rise in registration of businesses & reduction in the cost of compliance for MSMEs
The project will be led by Dr KP Krishnan, Omidyar Network India, GAME, The Centre for Civil Society, and Avantis Reg Tech
In the latest EoDB ranking for the Indian states and Union Territories, Andhra Pradesh led the states, while Punjab stood at 19th place
In a significant step towards improving the ease of doing business, the Punjab Government signed a Memorandum of Understanding (MoU) with The Global Alliance for Mass Entrepreneurship (GAME) on October 29, 2020.
In a press release by the government, Punjab Industries Minister Sundar Sham Arora said that Punjab is home to over 250,000 Micro, Small, and Medium Enterprises (MSMEs) that employ more than 2 million people. With the onset of COVID-19, the operations of several MSMEs was hampered.To deal with the repercussions of the pandemic, a concerted effort is being taken by the central and state governments to support them.
The two-year project aims to make Punjab a leading state in India in terms of ease of doing business for MSMEs, by driving simplification, digitisation, and decriminalisation of compliances. At the end of the two-year period, the coalition hopes to see a rise in formal registration of businesses, and a significant reduction in the cost of compliance for MSMEs, the Minister added.
The project will be led by the Chair of the GAME Taskforce on MSME, Dr KP Krishnan who is a Former Secretary Ministry of Skill Development and Entrepreneurship (MSDE). It will be primarily supported by Omidyar Network India, and will include experts from GAME, The Centre for Civil Society, and Avantis Reg Tech, working closely with the Government of Punjab.
In the World Bank 2020 Ease of Doing Business (EoDB) ranking, India jumped 14 spots to reach the 63rd place. Out of the 115 global economies listed, India ranked among the top 10 economies that improved the most in the EoDB score, for the third consecutive year. The efforts at boosting businesses have led to more jobs, higher pays, broader economic opportunities, and as a result overall economic prosperity for many. India has progressed by 79 positions on the list over the last six years.
Earlier this year, in September, the Government of India announced the latest Ease of Doing Business ranking for the 28 states and eight union territories (UTs), in a move that will boost future commercial and other opportunities. Andhra Pradesh led the states, while Punjab stood at 19th place. With the new reforms brought about by this partnership, Punjab is poised to improve its ranking over the next two years and become an attractive investment destination.