What is the meaning of MSME? The Micro, Small, and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. MSME sector contributes around 40% to the GDP of India and counting with the aim at facilitating the promotion and development of small and medium Enterprises. MSMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country.
Finance Minister of India, Nirmala Sitharaman announces various measures to extend financial support to small, micro, and medium Industries in Budget 2021, such as doubling the allocations for MSME of Rs 15,700 Crore from FY 2019-20 figure of Rs 7572 Crore. Which has been badly affected by the COVID-19 pandemic. According to the Federation of Indian Micro and Small & Medium Enterprises (FISME), reduction in Customs Duties on steel and ferrous and non-ferrous scrap is a major direct benefit to the MSMEs as it will help reduce the raw material prices. This was one of the main demands of the sector.
For More Details Visit @ https://www.msmeregistration.org/blog/benefits-of-msme-registration
