Friday, September 29, 2023

All You Need to Know About MSME, New Definition and Benefits


MSME is the scheme launched by the government for the benefit of Micro, small, medium enterprises. According to this scheme micro, small and medium enterprises receive loans and other concessions for upgrading their Business. If you are new to this scheme then you surely might want to know the New definition benefits of the MSME and who can take its benefits. So in this article, we have unraveled all the facts about the name act and also about the PM svanidhi scheme that is launched for the vendors.

What is the MSME?

The full form of MSME is a micro, small and medium act. The main objective of the MSME is to promote small businesses and help to turn them into something bigger. This economically benefits enterprises as well as benefits the country. The MSME sector contributes 29% to the GDP of India and the government aims to take this to 50% in the coming 5years. MSME enterprises are looked at as the potential engine for economic growth in India. They are getting more recognition than ever before. They employ many people and thus contribute towards poverty reduction.

So, let’s understand the new definition of MSME

From time to time there have been various changes brought about in the definition of MSME. This demand to change the definition of a name is imposed by the change in demands of people and inflation in businesses. Under the Atma nirbhar Bharat scheme there were new criteria added to classify the MSME enterprises. So, according to the new definition of MSME, the following are classified as Micro, small, and medium-sized businesses.

  • Businesses with revenue up to 5 crores Rs. are termed as Micro Business.
  • The Business with a revenue of 5 crores- 75 crores Rs are termed as small businesses.
  • The Business with a revenue of 75 crores is deemed as a medium-sized Business.

How can you get the benefits of the MSME act?

For availing of the benefits of MSME, enterprises need to register under On the government portal of udyam registration. Existing as well as new businesses both have to register under this. There is a different process for registration of new Business and old Business.

Steps for MSME/ UDYAM registration

  • Visit the MSME official site
  • Fill in the aadhar card no. and the name of the entrepreneur. You would receive OTP on the aadhar linked mobile number. Enter that and then the PAN verification page opens.
  • Enter the PAN number and details about the type of organization you have and then validate your PAN.
  • Then in the next step, the udyam registration box appears. You need to fill in complete details about your organization and also your details.
  • After filling in all the information, check the information once and then click on the option to get the final OTP. Once you receive that OTP you are successfully registered as the MSME you would receive an SMS on your number about the confirmation of the registration.
  • After verification of registration, within a few days, you will be issued with the certificate of UDYAM registration.

MSME schemes launched by the government are as follows:

  • Prime Minister employment Generation program
  • Credit guarantee and trust fund for micro and small enterprises ( CGTMSE)
  • Interest Subsidy eligibility certificate.
  • National manufacturing competitiveness program (NMCP).
  • Scheme for promoting innovation and entrepreneurship ( ASPIRE ).
  • For technology up-gradation credit linked subsidy.
  • Marketing support and assistance to MSME Along with these, there are various marketing promotion schemes and training and survey schemes for the MSME under the MSME act.

Let’s talk about the PM SVANidhi scheme that is launched for the vendors.

During the pandemic, many of the street vendors suffered a lot because they were left out of work. Looking towards that, the government has launched the PM svanidhi scheme. This scheme aims at making the vendors stand on their feet again. Under this scheme, registered street vendors can get loans of 10,000 with low interest rates for up to one year. The Government has successfully sanctioned loans for many vendors under this scheme and now the Government is looking towards advancing this scheme. So, this is all about the MSME and new schemes for vendors.

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