MSME sector plays a very important role in our economy as it will be said as the backbone of the Indian economy. It contributes over 95% of the Industrial units, 45% of organization jobs, and 50% of the Indian export towards our Indian economy. This sector covers almost 60% of the Indian GDP. So it is a very important factor for India's economic development.
What is an MSME?
The term MSME stands for Micro Small Medium Enterprises and it is also be known as SME or Udyog Aadhaar (currently called as Udyam Registration). After seeing the large contribution of these MSME sectors in our economic development growth of or country, the government has decided to create a new framework for these micro small and medium-sized businesses.
By this new framework, the Indian government decided to connect all these enterprises that come under the MSME sector. You can easily do the online MSME registration through the MSME web portal.
Check the New definition of MSME:
For Micro Enterprises:
Investment in plant and machinery should not be more than Rs 1 crore and turnover should be less than Rs 5 crore.
For Small Enterprises:
Investment in plant and machinery should not be more than Rs 10 crore and turnover should be less than Rs 50 crore.
For Medium Enterprises:
Investment in plant and machinery should not be more than Rs 50 crore and turnover should be less than Rs 250 crore.
Eligibility For MSME Registration
If you belong to any manufacturing or service sector that you can easily do the MSME registration.
Benefits of MSME Registration in India
Some highlighted benefits are:
- Benefits of the scheme provided by the government.
- Bank loans are given without any security.
- Subsidy will be provided by the government on an interest rate of bank loans, barcode registration, patent filing, etc.
- Concession will be given on the payments of water and electricity bills.
- Protection from default and delayed payments.
- Priority on government tenders.
Process for MSME Registration Online
Complete MSME process in three easy steps:
- Visit here for MSME Portal.
- Fill in the form in details as asked.
- Get the MSME certificate at the registered email address.
Documents needed for MSME Registration
- Aadhaar card of the applicant
- PAN card and GSTIN ( In case of company registration).
