MSME Ministry Organizes ‘Udyami Bharat’ Event Focused on Legal Reforms

Bhubaneswar: The Ministry of Micro, Small & Medium Enterprises (MSME) organized a day-long event on the theme ‘Legal Reforms in the MSME Ecosystem’ as part of the Udyami Bharat – MSME Day celebration. The event featured discussions on vital legal reforms aimed at supporting the growth and efficiency of the MSME sector.

Union Minister of State (Independent Charge) for Law & Justice, Arjun Ram Meghwal, structured his speech around three key points. He emphasized that the new criminal laws are designed to provide ‘justice’ rather than mere ‘punishment,’ marking a shift from colonial legislation. Meghwal noted that these legal amendments were made after thorough consultation with stakeholders.

Highlighting the importance of Industry 4.0, Meghwal traced the evolution from Industry 1.0 to the present stage, underscoring the significance of modern technologies such as Artificial Intelligence, machine learning, 3D printing, and robotics. He stressed the need to understand these technologies’ impact on the legal framework within the MSME sector.

Meghwal also underscored the growing importance of Alternate Dispute Resolution (ADR) and mediation in resolving disputes. He advocated for amicable solutions to legal issues, noting that Public Sector Enterprises could benefit from ADR mechanisms. Reinforcing Prime Minister Narendra Modi’s vision, he expressed confidence that the 21st century would be India’s century, with the country having the potential to become a hub of arbitration.

Dr. Rajiv Mani, Secretary of the Department of Legal Affairs, Ministry of Law and Justice, delved into the conference theme, highlighting the advantages of institutional arbitration. He pointed out that institutional arbitration offers better streamlined and faster disposal of issues, making it an effective way to resolve legal matters. Dr. Mani asserted that the MSME sector, being the backbone of the economy, could avoid lengthy traditional legal disputes by opting for ADR and mediation.

Union Minister for MSME, Jitan Ram Manjhi, presided over the Udyami Bharat event. The Minister of State for MSME, Sushri Shobha Karandlaje, along with other dignitaries, highlighted the growing role of micro, small, and medium enterprises in the economy’s growth. They emphasized the need for MSMEs to focus on innovation, creativity, and sustainable development to remain competitive.