Know More About SMEs In India
Know
More About SMEs In India
The
number of micros, small and medium enterprises in India (MSMEs) is the largest
in the world after China. This sector is home to many companies that
manufacture more than 6,000 products ranging from ordinary to high-tech.
With
the Union government's "Make in India" initiative and its efforts to
attract foreign direct investment, India's MSME sector is expected to grow
rapidly and become part of the significant global value chains.
According
to official estimates, the country has about 6.305 million micro-enterprises,
330,000 small and medium enterprises (MSMEs) and about 5,000 medium enterprises
(SMEs).
Uttar
Pradesh has the highest number of estimated SME types, accounting for 14.20 per
cent of the total number of SMEs in the country. West Bengal comes second with
14%, followed by Tamil Nadu and Maharashtra with 8%.
The
deployment of COVID-19 in India and the resulting lock-in has put a strain on
the country's financial development and put economic pressure on businesses. For
this reason, the Union government has changed the classification of MSMEs.
Benefits
of SMEs
The
federal government of India has introduced various programs and measures to
make it easier for small and medium enterprises in India to raise funds,
modernise them.
These
include quality assurance programs, especially for exports, professional
development, incubation, capital subsidy through credit linkages and UID
related programs to facilitate subsidies.
The
following are the various incentives available small medium enterprise examples:
● Unsecured
bank loans
● 50%
grant for patent registration.
● Waiver
of 1% interest on overdraft.
● Privileges
on electricity bills.
● Eligibility
for an industrial development grant.
● Provision
of deferred financing; and
●
Reimbursement of ISO
certification fees.
How
to register as an MSME in India?
To
facilitate registration of small and medium enterprises in India, the Ministry
of MSMEs has notified a simple one-page registration process called "Udyog
Aadhaar Memorandum".
MSME
entrepreneurs can fill the form online and get their new Udyog Aadhaar Number
(UAN) immediately. The required information includes primary data such as
Aadhar number, company name, company address and current account details.
Companies
should be aware that HRM cases must be amortised.
● The
funding limit is increased above the legal limit; or
●
The registered business
begins to manufacture new goods or products for which a legal license is
required, such as an industrial license.
Bottom
Line
Accurate data for small medium enterprise examples is essential that act as the backbone for the Indian economy. DataGuru is a world leader in providing authentic and genuine data of various types.
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