Description

Government Simplifies MSMEs Registration Process

Date - 16th Jun 2021

Minister of Road Transport and Roads and Micro, Small and Medium Enterprises Nitin Gadkari has simplified the registration process for micro, small and medium enterprises. Only a PAN and Aadhaar are required to register an IHR. Once registered, MSMEs will receive priority and funding. Small business units will not need new training in entrepreneurship and other related aspects.

MSMEs are considered an engine of economic growth that promotes equitable development. They represent 90 percent of the total number of enterprises and provide the highest employment growth rates. They require low investment and have the operational flexibility and ability to develop appropriate local technologies.

MSMEs are the second largest employment sector after agriculture, employing 120 million people in the country. It accounts for about 6.11 percent of the GDP of the manufacturing industry and 24.63% of the GDP from the service sector. It accounts for 45% of India's total exports. Inclusive growth is promoted by MSMEs as it provides employment opportunities in rural areas.

How have MSMEs developed in India?

Campaigns such as Start-up India, Skill India, Digital India and Make in India were launched with the aim of giving MSME members a level playing field to improve productivity. Growing Internet penetration and networking with non-bank finance companies are also driving the growth of the MSME sector.

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