MICRO SMALL AND MEDIUM ENTERPRISES
MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories. MSME enterprises are the backbone of any economy and are an engine of economic growth, promoting equitable development for all. Therefore, to support and promote MSMEs, the Government of India through various subsidies, schemes and incentives promote MSMEs through the MSMED Act. To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required.
Micro, Small and Medium sized enterprises in both the manufacturing and service sector can obtain MSME Registration under the MSMED Act. Though the MSME registration is not statutory, it is beneficial for business at it provides a range of benefits such as eligibility for lower rates of interest, excise exemption scheme, tax subsidies, power tariff subsidies, capital investment subsidies and other support.
Micro, Small and Medium Enterprises (MSME) contribute nearly 8 percent of the country’s GDP, 45 percent of the manufacturing output and 40 percent of the exports. They provide the largest share of employment after agriculture. They are the nurseries for entrepreneurship and innovation. They are widely dispersed across the country and produce a diverse range of products and services to meet the needs of the local markets, the global market and the national and international value chains.
The Ministry has a number of programmes to help and assist entrepreneurs and small businesses. If you are planning to set up business, you may contact National Institute for Entrepreneurship and Small Business Development (NIESBUD ), National Institute for Micro, Small and Medium Enterprises (NI-MSME), Indian Institute of Entrepreneurship (IIE) or the Development Commissioner (DCMSME) for details about their programmes. If you are an existing entrepreneur and would like to improve your competitiveness, you may contact DC, MSME who can be of assistance in various ways. If you are wanting to set up a village industry or want to know more about Khadi or Coir Products, you may contact KVIC or Coir Board. Ministry of MSME encourages and honors innovation and enterprise. We work in close coordination with the State Governments, Industry Associations, Banks and other stakeholders through our numerous field offices and technical institutions to help the ‘engines of growth’ throughout the country.
Unnati Consultancy Services Private Limited can help your business obtain MSME Registration to avail a host of benefits..