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Whats included in package
Micro Small and Medium Enterprise (MSME) are vital for the economic growth and stability of any country. An increase in MSMEs is proportional to an increase in employment and thus facilitates the economic activity of the country. MSMEs form the backbone of an economy.
In India, MSMEs need abetment and protection from corporates as they lack in resources and technology. To promote, develop, and facilitate the competitiveness of the Micro, small and medium enterprises MSME came into operation on 02 October 2006 with various rebates, schemes, and subsidies.
Some of successfully working MSMEs :
What are the Advantages of MSME / Udyog Aadhaar Registration?
The micro, small and medium enterprises in the manufacturing sector and the service sector can obtain MSME Registration. It is not mandatory to obtain but quite beneficial for certain businesses as it provides several benefits like:-
Easy access to government tenders, concessions are also available with regards to tender fee and earnest money deposit.
Various Schemes launched to support MSME in India
Zero Defect Zero Effect
In the scheme, to ensure that the goods exported are of good quality so that they don't get rejected, all successful exports are awarded with various subsidies and rebates.
For encouragement of innovations of new ideas, products, designs etc and to promote "Make in India", the Government finances 75% to 80% of the project cost of MSME.
Quality Management Standards and Quality Technology Tools
It's an awareness and education program under which various campaigns, seminars, workshops and fairs are held and this scheme to create a better understanding regarding the standards and quality to be maintained in the production and utilise the new technologies in the best possible way.
Grievance Monitoring System
A central system for addressing the complaints of business owners. Interface provides a ticket number, which enables owners to check complaint status and open it again if not satisfied with the solution.
Credit Linked Capital Subsidy Scheme
15% of upfront capital subsidy for technology upgradation or replacement of existing machinery and equipment for better productivity. However, replacement of machinery with the same new machine or with a second hand machine is not eligible for subsidy, as it doesn't contribute in enhancing the production levels.
Scheme especially designed to empower women entrepreneurs who wish to start their own business. The government assists in capital acquisition, counseling, training, assembling and delivery techniques to these women so they manage and expand their business.
Loan in 59 minutes
Government has initiated the MSME Support and Outreach Programme (SOP). Under this scheme, in-principle approval to all MSMEs will be given by the Government having MSME registration and GST Registration, for easy loans up to ₹ 5 crores within 59 minutes.
Additional concession in interest rates
MSMEs having GST registration will be granted a 2% subsidy in the interest rates. This serves the dual purpose of boosting the tax compliance by the MSMEs and will enhance their ease of doing business.
Additional rebate for exporters
Exporters having an Import Export Code along with GST registration will be awarded with an additional rebate in the interest rate from 3% to 5% on loans availed in pre-shipment and post-shipment period.
What are Micro Small and Medium Enterprises ?