Innovation-Led Ecosystem To Unlock Full Potential Of Industry

New Delhi: Unlocking the full potential of Indian enterprises demands a cohesive, innovation-led ecosystem that fosters competitiveness, reduces compliance burdens, and supports scale, according to an Assocham paper released on Friday. Highlighting the crucial role of MSMEs in India’s economic architecture and the importance of co-ordinated efforts between Centre and states to help them thrive, the top industry body has released a knowledge paper, titled ‘Ease of Doing Business in the Indian States’. The paper recognises the need to address operational challenges and incorporating best practices from across the globe.

A key recommendation in the knowledge paper stresses on the role of third-party private professionals in the approval process of building and construction, labour and factory approvals and fire approvals. Specific recommendations for streamlining process and rationalising ‘No Objection Certificates’ and import/export regulations have also been highlighted.

“To achieve the Prime Minister Narendra Modi’s vision of Viksit Bharat, policymaking at the Central government needs to be complimented by implementation in the states. The in-depth consultation with stakeholders across states, review of policy framework and analysis of issues in on-ground implementation laid the ground-work for this knowledge paper,” said Manish Singhal, Secretary General, Assocham.