New Delhi, May 6 (KNN) The Federation of Indian Micro and Small & Medium Enterprises (FISME) has launched a programme of collating feedback from the Micro, Small and Medium Enterprises (MSMEs) nationally on enforcement of contracts and execution of awards handed by Arbitration and Facilitation Councils set up under MSMED Act 2016.
Enforcement of Contracts is one of the critical elements of business eco-system. That is why it is included as one of the ten parameters in the World Bank’s ‘Ease of Doing Business Report’. Incidentally, while India has jumped over 70 points during last five years in EODB ranking, one parameter on which it continues to remain at the bottom heap is ‘Enforcing Contracts’. In a communication addressed to its hundreds of affiliated MSME associations, FISME observed that MSMEs suffered the most because of the prevailing dysfunctionality as they could ill afford the lengthy legal process and costs associated with it.