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MSME Registration

MSME which refers to the Ministry of Micro Small and Medium Enterprises is a government body that deals with the formation of the rules and regulations regarding the small scale industries. India is the hub of small-scale industries, which affects the economy of India as well. Indian economy’s largest part depends on the small scale industries. The main aim of MSME is to boost the competition among the small-scale industries so that the Indian economy will improve or grow. It came into effect on 2nd October 2006.

MSME is considered the backbone of the Indian economy as this sector covers a wide range of parts of the Indian economy. When these industries grow our economy will automatically grow. Whether it is the manufacturing sector or service sector, if it comes in the category of the MSME it should take MSME Registration Certificate. Although this certificate is not mandatory, it is suggested here because this has a lot of benefits in terms of credit facilities, loans, etc. Udyam Registration which is also known as MSME Registration is a government-based registration. Through this registration, the government provides a Unique Identification Number to the enterprise and also a certificate that gives the enterprise reorganization as MSME. Except for this portal or the government's single window system, there are no other means which provide the MSME Registration. Hence we can say that Udyam Portal is a government-based authority that gives registration to the MSMEs and give them a unique identity and after this registration, only such MSMEs are able to take all the benefits which are provided by the government to the MSMEs. Hence it is very important and necessary to take this registration without any delay.

The government is providing a lot of support to this section because it is a sector of small industries which needs less investment and can give high profit. It can not only help the government in boosting the economy but also helps them to fight many other problems of the country like unemployment, poverty, etc. There are thousands of MSME owners in the Indian market, but the benefits are given to only those MSME owners who have MSME Registration certificates. Without this one cannot get the benefits the government provided to the small-scale industries. Hence MSME Registration is highly recommended to small business owners.

In accordance with the provision of Micro, Small & Medium Enterprises Development Act, 2006 the Micro, Small and Medium Enterprises are classified in two Classes: Manufacturing Enterprises- Enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) or employing plant and machinery. In the process of value addition to the final product having a distinct name or character or use. he term “NSIC” stands for the National Small Industries Corporation. It aims to register MSMEs under the Single Point Registration Scheme for participating in Government purchases. Further, the MSMEs which are having NSIC Registration are eligible to participate in numerous developmental schemes implemented by the government and can acquire tremendous growth and boost in their business as well.The term “developmental schemes” include Single Point Registration Scheme, Tender Marketing Scheme, Performance and Credit Rating Scheme, etc.

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