GOVERNMENT SIMPLIFIES REGISTRATION PROCESS FOR MSME's
What is MSME?
MSME stands for Micro, Small and Medium Enterprise (MSME), introduced by Government of India in agreement with Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 are entities engaged in the production, manufacturing, processing or preservation of goods and commodities.
MSME sector is considered as the backbone of Indian economy that has contributed substantially in the socio-economic development of the nation. It generates employment opportunities and works in the development of backward and rural areas.
The government has simplified the registration process for micro, small and medium enterprises and they will now only need to furnish PAN and Aadhaar to register, an official statement said on Tuesday. Announcing the measure, MSME minister Nitin Gadkari stated that after getting registered, the MSME unit will be getting priority and finance.
There is a need to impart training to small units in fields of entrepreneurship and other related aspects. It is also expressed that banks and non-banking finance companies will also provide full support to small businesses.
The minister "announced simplification of the process for registration of MSMEs. Now only PAN and Aadhaar will be required for registration of MSMEs.
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