Explanation :

• On 14^th January, 2020, the Punjab Cabinet gave its approval to a Punjab Right to Business Bill, 2020, a law aimed at ensuring ease of doing business for the Micro, Small and Medium Enterprises (MSME) sector.
• Notably, Punjab is home to approximately two lakh MSME units, which are one of the most important pillars of the industrial growth.
• The Act would encompass various regulatory services, including sanction of building plans, issuance of completion/occupation certificate for buildings, registration of new trade license under the Punjab Municipal Act, 1911 and the Punjab Municipal Corporation Act 1976.

Advantages

• The MSMEs in the state will get a big relief from the tedious process of getting regulatory approvals before setting up of the units.