Consider the following statements about the MSME (Micro, Small and Medium Enterprises) sector:
1. U. K. Sinha Committee was created for the MSME sector.
2. As per the Micro, Small and Medium Enterprises Development (MSMED) Act, the Government has notified the procurement policy, wherein the PSUs/ Government Departments have to make 15% of their procurement from MSEs.
Which of the statements given above is/are correct?
1 only
2 only
Both 1 and 2
Neither 1 nor 2
• As per the Micro, Small and Medium Enterprises Development (MSMED) Act, the Government has notified the procurement policy, wherein the PSUs/ Government Departments have to make 25% of their procurement from MSEs. To further strengthen the procurement mechanism, the Government has also launched the GeM portal.
• U. K. Sinha Committee was created by the Reserve Bank of India to strengthen the MSME sector.
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