MSME Sector : The Rising Star for Strong and Stable Economy

Micro, Small and Medium Enterprise [MSME] sector has a substantial contribution towards the development of a strong and stable economy. Government is taking initiative for facilitating the MSME sector. As per classification given by the Ministry of Micro, Small and Medium Enterprise w.e.f. 1st July 2020, if the investment in plant & machinery is not more then 1 crore and annual turnover is not more then 5 crores then the entity fall under Micro segment. Investment in Plant & Machinery or equipment is not more than 10 crores and turnover is not more than 50 crores then the entity falls under small enterprise. in same was an investment in Plant & Machineries & equipment is not more than 50 crores and turnover is not more than 250 crores the entity fall under the Medium enterprise.

MSME contribute around 9% in GDP and 40% in the export activity of the country.

These industries are the backbone for the economy and thus Government offers subsidy, incentives and rebates to boost the sector. Any person who intends to establish MSME unit has to file Udyam Registration online on the government portal at MSME/ Udyam Registration. Udyam Registration certificate shall be issued on completion of the process.

Banks are also offered better pricing for the loan availed by MSME units. MSME loans are availed for setting up the unit, for pre and post-sale working capital requirement, purchase of plant & machinery or equipment, construction of factory premises, expansion of the business etc. Lower interest rate, lower processing fees, speedy approvals, flexible repayment are some of the benefits given to the MSME sector.

feel free to contact for project loan related queries.

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