The government has announced the MSME updates for this year by launching many schemes for enterprises. Because of the covid pandemic, the government tried to scale up the status of the enterprises by providing the various schemes, because in this pandemic year a number of enterprises encountered a number of problems that made a fall in their annual production or manufacturing and in providing services to the consumers. So to curb these problems the government updates this by launching many schemes.
Also, read – Udyam registration
As per the data received from the ministry of statistics, there are nearly 6.3 crore micro, small and medium enterprises in India and these enterprises contribute about 29 % of Indian GDP the MSMEs contribute to the social growth and economic growth of India and it minimizes the employment issues which is in prevailing in the country and it promotes the local product. The government knows the problems that the MSMEs owners encounter in several stages of their business development process and the importance of micro, small and medium enterprises for the development of India. so there have been structured many schemes to give maximum support to every budding entrepreneur and MSMEs in all methods to ease out each phase of their business in the every possible.
We have known the government activities that they are doing for the MSME sectors whether it be a manufacturing or service sector. Along with this, we should be the something more about the MSME in this respect:
Basically, it is a Government initiative. By several means, they want to uplift the status of enterprises that are currently operating their business without any government aid, for this reason, the government of India has established an institution which is MSME which stands for the micro, small and medium enterprises. Our government, through various initiatives, supports these kinds of enterprises in India. For this purpose, a separate ministry has been established which is the ministry of MSME. New Delhi is its headquarters.
Suggested read – udyam registration in Hindi
FUNCTION: it is the apex executive body that regulates all rules and regulations under MSME, it is the regulatory body that tests the enterprises by giving them a special registration and certificate. All the activities or initiatives are taken by this MSME ministry.
There are different criteria for the enterprises for its registration so according to the eligibility of the enterprises, they get registered into it. Any enterprises who want to be registered under this portal then can visit the official website of Idhayam registration portal online and get registered themselves. The link I am providing you below :
Here you can see all the information that you want for your enterprises.
The registered enterprises can get the benefits from the government through the schemes and only registered Udyam enterprises can avail of this benefit. The Scheme is given below :
Schemes provided under the MSME :
- Prime minister employment generation program and other credit support schemes: as we know that the rate of education is increasing year by year, unemployment issues are hiking as well at the peak, so this scheme has been launched with the motto to eradicate the unemployment problems and to motivate the emerging new enterprises by giving the essential financial support.
- “Prime minister Employment Generation Programme(PMEGP)”; This scheme has been implemented by the “Khadi and village Commission(KVIC) at the national level and the others are State KVIC Directorates, State Khadi and Village Industries Boards, Districts industries centers, and banks at the state level, the main purpose of the scheme is to make each entrepreneur get a subsidy in the banks to account for operating a new business. what is under this scheme ?, so under this scheme the enterprises in the manufacturing sectors worth not more than Rs 25 L and if we talk about the service sector it should not be more than Rs 10 L would get covered.
- “ Credit guarantee Trust Fund for micro and small enterprises(CGTMSE): this scheme provides credit-guaranteed funds to the eligible beneficiaries from a trust which is jointly funded by the MSME ministry and SIDBI( SMALL INDUSTRIAL DEVELOPMENT BANK OF INDIA).
- Interest subsidy eligibility certificate (ISEC): this effective scheme has been launched to promote Khadi and village industry products; the registered enterprises of KVIC or KBIB can get loans from banks at a rate of 4 % annually. The banks take 4 % interest from the beneficiaries and the other part of the interest is taken by the central government.
- Development of khadi, village, and coal Industries: various schemes have been operated by the government for the rural crafts and for the upliftment of the rural population.
- “ Market Promotion and Development Scheme (MPDA): the khadi and village crafts need a marketing plan to get the potential customers. so, to promote the khadi crafts and to increase the earnings of artisans this scheme has been planned by the ministry.
Apart from that other things are updated as I mentioned earlier: the revised criteria for the enterprises and the schemes launched by the ministry.
For the revised criteria you can visit the official website of Udyam registration and can get this easily.
like these schemes there are several other schemes that are updated or launched by the ministry this year, the other schemes are SFURTI (“REVISED SCHEME OF FUND FOR REGENERATION OF TRADITIONAL INDUSTRIES), Coir Vikash Yojna (CVY), etc.
And the other update you can know through visiting the official website, by visiting the official website you can get the information about any type of updates.