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Punjab Govt Signed MoU With GAME to Support MSMEs

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Punjab-signs-MoU-with-GAME-to-support-MSMEsOn October 29, 2020  Punjab Government signed a Memorandum of Understanding (MoU) with The Global Alliance for Mass Entrepreneurship (GAME) for a 2 year project on transforming the ease of doing business for MSMEs(Micro, Small & Medium Enterprises) in Punjab. The agreement is supported by Omidyar Network India (ONI) under its ReSolve Initiative. Dr KP Krishnan, Chair of the GAME Taskforce on MSME, who is a former Secretary, Government of India will lead the project.

i.The project will be primarily supported by ONI, and includes experts from GAME, The Centre for Civil Society, and Avantis Reg Tech.

ii.The group will work with the Punjab Govt under the leadership of Vini Mahajan, IAS, Chief Secretary and Alok Shekhar, Principal Secretary Industries and Commerce, Government of Punjab.

Note– The project is the first to be supported by ONI’s ReSolve Initiative.

Key Info

i.The project aims to make Punjab a leading state in India with regard to Ease Of Doing Business (EODB) for MSMEs by simplification, digitization and decriminalization of compliances.

ii.On a blueprint developed by the GAME MSME Task Force, this project is built.

iii.After the 2 year period of the project, the alliance expects that there will be an increase in formal registration of businesses, and a significant reduction in the cost of compliance for MSMEs.

iv.The Punjab transformation is expected to create a self-reinforcing cycle of MSMEs-focused EODB surveys, interventions, rankings, and policies across India.

General Info

i.The major reason why underdevelopment is common among the MSMEs in India is EODB.

ii.There are over 60 million  enterprises and 110 million jobs in India, but the average MSME creates less than 2 jobs.

Additional Info

  • ONI is an investment firm that focuses on social impact.
  • The ReSolve Initiative of ONI focuses on providing funding support for lighthouse projects that create solutions to empower MSMEs and migrant workers.

Recent Related News:

On 11th September 2020, The Government of Rajasthan signed a Memorandum of Understanding(MoU) with the Small Industries Development Bank of India (SIDBI) to develop its micro, small and medium enterprises (MSMEs) ecosystem.

About Punjab:
Chief Minister– Capt.Amarinder Singh
Dances– Jindua, Bhangra, Malwai Giddha, Kikli,  Luddi, Jaago, Jhumar, Jindua.