New Delhi, July 24 (IANS): At a time when over 500,000 micro, small and medium enterprises (MSME) units have been reported sick by commercial banks, a senior official said on Friday that the government is not looking to bring more new laws to propel manufacturing or 'Make in India'.

"It is our belief that incentivisation of current laws and amendments will produce better results than bringing new laws," MSME secretary Anup Pujari said at the Consumer Electronics and Appliances Manufactures Association (CEAMA) event here to make the government more aware of the structural issues impeding the 'Make in India' initiative.

The number of sick units, which owe Rs.33,378.17 crore to banks, stand at 516, 619 at present, Minister of State for MSMEs Giriraj Singh had told parliament on Thursday.

Meanwhile, Amitabh Kant, secretary in department of planning and promotion, said: "We are trying to do whatever we can do to make India an easier place to do business. Our target is to enter the list of top 50 countries in ease of doing business under the World Bank in the next three years."

"We are ready to be a catalyst, a facilitator and also are ready to hold the industry's hand to help Make in India a reality," he said.

The CEAMA in association with Ernst & Young (EY) on Friday also released the first of its kind annual report that talks about tackling bottlenecks and structural issues for appliances and consumer electronics manufacturing.