Ficci Flo, which is the womens’ wing of Federation of Indian Chambers of Commerce and Industry (Ficci), has called for clearing of MSME dues and provision of incentives to mitigate financial constraints amid slowing of economic growth in the wake during the pandemic.
The group held a roundtable which included leaders of different industries to discuss the issues facing the economic recovery and also deliberate on possible solutions that the government can initiate. The outcome of the meeting will be presented to the government as recommendations.
“2020 was a difficult year for us, with people, businesses, and economy bearing the brunt of it all. My hope is to see women-led businesses flourish through structured interventions. All policy frameworks need to incorporate measures to mitigate financial constraints, by clearing MSME dues and incentives. There’s a need to adopt a more proactive, flexible and women-friendly role by SIDBI, also to break in a new policy of social security for MSME employees and migrant labourers. Finally, we need an amendment of IB court for women’s businesses.
Our deliberation today has helped us put together many concrete suggestions on steps that the Government can take and how India Inc. can augment these efforts. We plan to submit these key takeaways to the Ministry of Industry and Commerce and to the Ministry of MSME,” Ujjwala Singhania, director of JK International and national president of Ficci Flo said.
Others participating in the discussions included Preetha Reddy, executive vice chairperson, Apollo Hospital Group, Sanjeev Sanyal, principal economic advisor, government of India, Kaushik Shaparia, CEO, Deutsche Bank India, Naveen Munjal, MD, Hero Electric Vehicles; Charu Malhotra, MD, Primus Partners and Latha Venkatesh, senior business journalist.
“Even pre-COVID, 80% women were precluded from labour force participation. If we’re looking at reviving the economy, bringing these women back to the labour force could do the trick. India would be 27% richer. That’s the kind of opportunity cost we’re looking at. Currently, the majority of women-focused education doesn’t prepare them for high-paying jobs or the formal sector. We need to rectify this in the long term,” said Malhotra when asked about long term scarring in the education and employment sector.
News source- Economic Times