The Ministry of Micro, Small & Medium Enterprises held a day-long event today on ‘Legal Reforms in the MSME Ecosystem’ as part of the Udyami Bharat – MSME Day celebration. Union Minister of State for Law & Justice, Arjun Ram Meghwal spoke on three key points.
He highlighted the transition to Industry 4.0, emphasizing the impact of modern technologies like Artificial Intelligence, machine learning, 3D printing, and robotics on legal reforms in the MSME sector.
He stressed the importance of Alternate Dispute Resolution (ADR) and mediation for resolving disputes, suggesting that Public Sector Enterprises could also benefit from such methods. Thirdly, he reinforced Prime Minister Shri Narendra Modi’s vision of making the 21st century India’s, noting that India has the potential to become a hub for Arbitration.
Dr. Rajiv Mani, Secretary of the Department of Legal Affairs, Ministry of Law and Justice, also spoke at the event. He pointed out that institutional arbitration offers faster and more efficient resolution of legal issues compared to the traditional legal system. He emphasized that the MSME sector is the backbone of the economy and could benefit from using ADR and mediation to avoid lengthy disputes.
Union Minister for Micro, Small and Medium Enterprises, Jitan Ram Manjhi, presided over the event. The Minister of State for MSME, Shobha Karandlaje, and other dignitaries also highlighted the crucial role of micro, small, and medium enterprises in economic growth.