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Indian government simplifies MSME registration process

16
Jun '21

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Government of India has simplified the process of registration for micro, small and medium enterprises (MSMEs), announcing that only PAN and Aadhaar will be required for registration. After getting registered, MSME units will get priority and finance, minister for road transport and highways and MSMEs Nitin Gadkari said during a webinar on Tuesday.

Gadkari added that there is a need to impart training to small units in fields of entrepreneurship and other related aspects. He assured full support of the MSME ministry, and also expressed hope that banks and NBFCs will also provide full support to small businesses.

Emphasising the importance of MSMEs, the minister said that the MSMEs contribute significantly to the economic and social development of the country by fostering entrepreneurship and generating large employment opportunities. He said that with an objective of making India a global economic powerhouse, vision of MSME aims towards building a supporting ecosystem for MSMEs to enhance their contribution towards a $5 trillion economy.

He said that to boost the economic activities of MSMEs, the government has announced a special incentive package ‘Aatmanirbhar Bharat Abhiyan’ of ₹20 lakh crore.

Fibre2Fashion News Desk (KD)

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