PM Modi is now insisting on MSME. This sector can help those who dream of doing business, but they face a lack of capital. If you have a good business idea and have the passion to work hard, then at this time there may be a chance to move forward. Because the Government of India has changed its policy and is now gearing up to promote small industries. Small industries fall under MSME. Now you must be wondering what is the MSME, this question is trying to find out after Prime Minister Narendra Modi announced a package of 20 lakh crores to revive the economy that was hit due to Coronavirus. In fact, Finance Minister Nirmala Sitharaman has given a lot of emphasis on MSME in the first press conference for the allocation of the amount of this package. With this, a big change is seen in the economic policies of the government. PM Modi has appealed that the way the countrymen started buying Khadi goods at his behest which has become a brand today, in the same way, people start buying other local and domestic items. PM Modi in his speech has given the slogan ‘Vocal for local’ and to be self-sufficient. The government is now focusing on MSME under this policy.
What is MSME?
It means micro, small and medium enterprises i.e. micro, small and medium industries. The name of the Ministry related to this is Ministry of Micro, Small and Medium Industries. There is no need to invest too much money in the industries covered under it. There can be both skilled and unskilled people who start it. But these industries are called the backbone of the Indian economy. After registration, the industries under MSME are also given loan and subsidy facility by the Government of India.
Benefits from registration
If you have registered any of your firms in MSME, then you can get help from the government and banks to further your business. Not only this, but the market is also made available to your product by the government. But for this, you should have a great business idea.
Benefit from Banks: The loan interest given under MSME is very low. You can take loans from banks to further your business.
Help from the state government: After registration, the subsidy is given in electricity, tax. Sales tax is also exempt.
Tax exemption: Excise duty is not levied. There are many types of subsidies from the government in starting a business.
Easy to get a license: License and the necessary certificate is available soon. There are also many contracts which are easily available to firms registered under MSME.
How is registration
Its registration is offline and online. To make onlinehttps://udyogaadhaar.gov.in/UA/UAM_Registration.aspx Can do on
Why hope is awake
Finance Minister Nirmala Sitharaman announced an unsecured loan of Rs 3 lakh crore to enterprises, including micro, small and medium enterprises (MSME). Giving details of the Rs 20 lakh crore economic stimulus package announced by the Prime Minister on Tuesday, he told reporters that 45 lakh units will benefit from this automatic loan facility. A ‘Fund of Fund’ is being set up for MSMEs, through which equity capital of Rs 50,000 crores will be infused into MSMEs with potential to grow.
Definition of MSME has changed
With this, the definition of MSME has been changed. Under this, now units with investment up to one crore rupees will be called micro-units. Till now this limit was Rs 25 lakh .. Units with turnover up to Rs 5 crore will also be called micro-units. This criterion has been introduced to define mainly small units. Global tender for government procurement up to Rs 200 crore will be banned. This will help MSMEs to participate, compete and supply in government tenders.