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MSME- an abbreviation of Micro, Small & Medium enterprises- is the pillar of economic growth in many developed, and developing countries in the world. Often rightly termed as “the engine of growth” for India, MSME has played a prominent role in the development of the country in terms of creating employment opportunities-MSME has employed more than 50 million people, scaling manufacturing capabilities, curtailing regional disparities, balancing the distribution of wealth, and contributing to the GDP-MSME sector forms 8% of GDP. Though India is still facing infrastructural problems, lack of proper market linkages, and challenges in terms of flow of institutional credit, it has seen a tremendous growth in this sector.
Benefits of MSME registration:
- If a memorandum is filed by the MSME, then it is liable to timely payments by the buyer.
- Certain exemptions under Excise Scheme and Direct Tax Laws are provided.
- Finance from banks is easy to obtain due to the Government support. The lower rate of interests is also observed.
- Preference is given in Government tenders and a concession in electricity bills is also given.
- Statutory support is provided. It includes reservation and interests on The Delayed Payments Act.