Govt simplifies MSME registration process
Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Nitin Gadkari has simplified the of process for registration of Micro, Small & Medium Enterprises.
- MSMEs will only require PAN and Aadhaar for registration.
- One the MSMEs are registered, they will be getting priority and finance.
- No new training will be required to small units in fields of entrepreneurship and other related aspects.
MSMEs are considered as engine of economic growth which are involved in promoting equitable development. They comprise of 90% of total enterprises and generate highest rates of employment growth. They require low investment and have operational flexibility & capacity to develop appropriate indigenous technology.
Significance of MSMEs
- MSME is second largest employment generating sector after agriculture, providing employment to 120 million persons in country.
- It contributes about 6.11% of manufacturing GDP and 24.63% of GDP from service activities.
- It contributes 45% of overall exports from India.
- Inclusive growth is promoted by MSMEs as it provides employment opportunities in rural areas.
How MSMEs grew in India?
Campaigns such as Start-up India, Skill India, Digital India and Make in India were launched with the aim of providing MSME players a level playing field in a bid to enhance productivity. Increasing internet penetration and tie-ups with non-banking finance companies are also facilitating growth in MSME sector.
Month: Current Affairs - June, 2021
Category: Economy & Banking Current Affairs
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