Government package for MSME sectors in India
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.
Some of the important Government packages for MSME in India are as follows:-
Udyog aadhaar memorandum
In 2015, the Government of India launched Udyog Aadhar registration for MSME sectors. It is a 12 digit unique identification number issued to the MSME - micro small medium enterprises sectors. Getting a Udyog Aadhar certificate is mandatory for MSMEs. This is also known as "Aadhar for business". The benefit of registering under this scheme includes a cheap rate of interest on loans, subsidies, discounts on patents, discounts on licenses, etc.
Quality management standards and quality technology tools
Once these micro small and medium enterprises are registered under this scheme it will help the sectors to maintain and manage the quality of the products manufactured by them. These tools of Quality Management Standards (QMS) and Quality Technology Tools (QTT) aim to introduce awareness and consciousness of quality and maintain quality assurance to its consumers. Under this scheme, various awareness drives such as seminars, campaigns, etc. are conducted so that the MSME sector ensures quality production of goods.
This scheme helps the innovators in the MSME sectors to implement their new designs, ideas, or products to these sectors. It promotes creativity. The government provides financial assistance pertaining to 75% to 85% of the project cost (maximum limit of rupees 8 lakhs).
Zero defect zero effect scheme
Under the scheme, MSME sectors are encouraged to manufacture goods that have "zero defect" that is the production of quality goods and "zero effect" to the environment, that is the products manufactured are environment friendly. By adhering to these standards the exported goods will not be rejected and will benefit not only the MSME - micro small medium enterprises sectors but also the Indian economy.
Grievance monitoring system
This scheme was launched with the main purpose to monitor and cater to all the grievances or complaints made by the MSME sectors. It was introduced to create a transparent system wherein the complaints and suggestions by MSME owners attended and solved. These owners can track the status of their complaints online on the official website and also can again open them up if they are not satisfied with the results.
There are very few women entrepreneurs in India and this scheme was introduced with the sole purpose to promote and cater to the needs of all the potential women entrepreneurs. This scheme was specially launched for those women who want to start their own business but lack the resources and knowledge of doing so. Hence, the Government provides counseling and training sessions for these women so that they can start their own business and be financially independent.
Credit linked capital subsidy scheme
Under this scheme, a capital subsidy of 15% is given to the business in MSME sectors so that they can upgrade their technology and expand their business. MSME schemes for startups are also available for those requiring technological advancement or for funding their startups.
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