What are the pillars of economic growth in a developing country like India? The Micro, Small, and Medium Enterprises (MSME) sector, rightly termed as the “engine of growth for India” is one of the major business units that play a salient role in the development of the country. The Government of India, through various subsidies, incentives, schemes, and most importantly the MSMED, Act supports and promotes the MSME sector which is a primary contributor to industrial, manufacturing, and employment units of India.
As per the notification announced in initiation with Atmanirbhar scheme for facilitating ease of doing business the Ministry Of MSME has introduced the new definition of MSME and new registration process known as – ‘Udyam Registration’. The registration process has been started on 01-07-2020. Before the notification it was known as Udyog Aadhaar Registration which is used to register under MSME.The new registration process of Udyam Comes up with many new updates and is very distinctive from the old process.
MSME stands for micro small and medium enterprises that form the backbone of the Indian economy. The Government of India in the past years has introduced various schemes and packages much to the relief of these MSME sectors for their growth and development. These Government packages and Government schemes for MSME sectors were introduced so that these sectors can continue production and compete with other big corporate entities as they lack resources and technology.
Due to COVID-19 effect, MSME Industries which are the backbone of the Indian economy are facing the situation of Cash Crunch. India's Government is taking measures to boost the Indian economy as soon as possible. The Indian government has approved a large amount for current MSME units as well as for new start-ups to support the MSME Market. Currently, the government's key priority is on making "Atamnirbhar Bharat" for that our noble prime minister makes announcements including no global tender up to Rs.200 Crore for all fresh government projects, etc.
NIC code is a statistical code data for maintaining a comparable database for various economic activities. This National Industrial Classification Code implemented by the Central Statistical Organisation (CSO) of the Ministry of Statistics and Programme, Government of India. The United National Statistical Commission, Department of Policy and Promotion made some improvements in classification and updated the NIC Code 2008. Hereafter users should use and follow NIC 2008 extensively.