A unified law for the small-scale industry sector (SSI) that will help enhance the sector's efficiency is being drafted, according to Dr C.S. Prasad, development commissioner of the Union Ministry for Small Scale Industries, addressing a national convention of small-scale industries.
The proposed legislation would offer an opportunity for the industry to introduce purchase preference as a mandatory measure - if it was not already incorporated in the draft, Dr Prasad said. Other major concerns include cost of credit, delay in payment and the need to promote a factoring service.
The Administrative Staff College of India has submitted a final draft of the proposed legislation to the Government. The draft will soon be made available to the industry for discussion and appropriate modification before enactment, he said.
