7 Govt Initiatives to Promote MSME Business in India
Our Prime Minister Shri Narendra Modi took many steps to promote Micro, Small and Medium Enterprises business in India.
The Government of India launched many schemes to promote MSME business in India.
This article talks about the initiatives taken by the government of India to promote MSME business in India so you will get an idea about the MSME schemes.
Here is the list of initiatives taken by the government of India to promote MSME business in India –
1. Udyog Aadhar
- Udyog Aadhaar is a 12 digit unique number which is allotted by the Ministry of Micro, Small and Medium Enterprises to small businesses so they can be recognized as MSME.
- Udyog Aadhar was launched in 2015 and it changed the procedure of MSME registration. Before Udyog Aadhar, the procedure to register a business under Ministry of MSME was not easy and now you can register your business as MSME through Udyog Aadhar.
- After obtaining a Udyog Aadhar, you will get many benefits like you will get the loan on low-interest rates, you will get benefits under various state and central government schemes, etc.
- You can apply for Udyog Aadhar registration through an online procedure for which you have to visit the official website of Udyog Aadhar.
2. MUDRA Loan
- MUDRA stands for Micro-Units Development and Refinance Agency Ltd is an NBFC supporting development of small businesses in India.
- Prime Minister launched this scheme to provide loan facilities to small sector businesses in India. Under this scheme, you can take loan up to 10 lakh rupees for your business. The government takes this initiative to boost small sector industry in India.
- Purpose of MUDRA loan is to support the MSME sector by financing them. If you want to obtain a loan under MUDRA scheme then you have to make a project report of your business in which you have to write all the details of your business, the project report is a must for MUDRA loan.
3. Marketing Promotion Schemes
- This is a good initiative taken by the government for supporting to MSME businesses to promote their businesses in the International market.
- For e.g., if an MSME delegation going to other countries to visit international exhibition, international workshops or trade fairs for improving technology or for showcasing products in the international exhibition, then it will be reimbursed by the government or they can take financial assistance from the government.
- Registered industry associations associated with the promotion scheme of the MSME sector can apply for this or government institute can apply for this. So it is a great initiative to promote MSME sector in International market.
4. Udyam Sathi
- This scheme is a good initiative of Ministry of MSME to support new businesses or entrepreneurs and to assist and counsel them.
- Their mission is strengthening entrepreneurs so our economy will grow. Basically, Udyam Sathi scheme will help entrepreneurs to start their business by providing learning tools and other things which is important for entrepreneurs.
5. Udyam Sakhi
- This portal has been launched for Woman Entrepreneurs, you can visit this website www.udyamsakhi.org for Udyam Sakhi.
- On this website, you will find many things like guidance for a business plan, tips for starting a business and tips for handling business, MSME schemes.
- Small Scale Industry (SSI) registration is important for SSI, the government is providing many benefits to them who have registered their business as SSI.
- Government is providing loan to SSI on low-interest rates to support financially, it is a good initiative taken by the government of India.
7. MSME databank
- MSME databank is a data of registered MSME in India, the government of India starts this so they can make better policies for the MSME sector.
- Through this databank government will find that how many MSME’s are registered in India and what type of business are running in India.
- so after collecting the data, they can make better policies.
CONCLUSION: Govt initiative for MSME
As you can see in the above-given article that there are many steps taken by the central government to support the MSME sector in India.
As you can see that Udyog Aadhar scheme is launched by the Government so a person can easily register his business under Ministry of MSME and it is a complete online procedure.
so you don’t have to go anywhere for filing form and you can register your MSME through online procedure.
So if you are an entrepreneur then you should obtain the benefits of the above-given scheme it will help your business.
There are other schemes also which is not in the list but you can find those on the official website of Ministry of MSME or you can click on this link https://msme.gov.in/all-schemes for finding other initiatives taken by the Government for MSME sector.