Select Your Location
Recently, the Union Ministry for Micro Small and Medium Enterprises (MSME) had introduced NLAP (National Level Awareness Program) 2020. This program was launched for a duration which commenced on 17 February 2020 and ended on 28 February 2020. Further, this program was introduced to motivate students of different age groups to choose entrepreneurship as their career and also to understand the benefits annexed with the concept of entrepreneurship. Furthermore, a slight increment in the count of industries available in the MSME sector will lead to an enhancement in the country’s economy.
Further, in India, over the last five decades, the
MSME (Micro Small and Medium Enterprises) sector has emerged as an incredibly
vibrant and dynamic sector. This sector not only plays a significant role in
offering ample employment opportunities at a relatively lower capital cost in
comparison to the large industries but also facilitates the industrialization
of rural and backward areas.
It is significant to note that, this sector contributes to almost 45 per cent of the total employment available, 50 per cent of the total exports from India, 29 per cent of the total country’s GDP (Gross Domestic Product) and 95 per cent of the total industrial units available in our country. Moreover, the central government envisions a contribution of $2 trillion from the Micro Small and Medium Enterprises (MSMEs), which will eventually help India, in achieving the goal of becoming a $5 trillion economy by the year 2024.
Hence, this sector is known as the bulwark of the
economy, as it works for reducing regional imbalances, and also assures more
equitable allocation of national income and wealth. Lastly, MSMEs are
complementary to large industries as subsidiary units, and also this sector
contributes a lot towards the socio-economic development of the nation.
The main objective behind unleashing this program was
to spread awareness regarding the various schemes and initiatives undertaken by
the MSME (Micro Small and Medium Enterprises) Ministry and various other
annexed organizations. The term various other annexed organizations include the
Office of Development Commissioner (MSME), Coir Board, Khadi and Village Industries Commission, Mahatma
Gandhi Institute of Rural Industrialization, National Small Industries Corporation
Limited, MSME Technology Centres, and National Institute of MSME.
Following are the Key Points attached to the National Level Awareness Program 2020 –
Also, Read: RBI Gives a Window of 9 Months for One-Time Restructuring Scheme of MSME Loans.
Following are some of the Institutes that had
organized the National Level Awareness Program 2020 within their premises –
Mr Rajesh Kumar, working as the Assistant Director of the MSME (Micro Small and Medium Enterprises) Development Institute since 2014.
Mr Ravi Kant, working as the Head National of the SC-ST Hub office in Ludhiana
Mr Ashish Choudhary, working as the Deputy Manager, NSIC (National Small Industries Corporation)
By unleashing the NLAP 2020, the Union Ministry for
MSME (Micro Small and Medium Enterprises) had encouraged the students of different age groups
and of different qualifications that becoming an entrepreneur and offering jobs
to others is far better than going to a company for securing a job. Also, by
choosing entrepreneurship as a career, more entrepreneurs will be born in our
country, which will eventually lead to a rise in the employment opportunities,
and moreover, it will directly or indirectly increase the country’s GDP (Gross
Domestic Product) and growth.
See Our Recommendation: MSME Schemes: Loans Available for Women Entrepreneurs.
Shivani has completed her B com LLB (Hons) and has the experience of writing various research papers during her college time. Earlier she was working as an Associate in a law firm, but her interest in writing made her pursue content writing as a career. Her core area of interest is in writing about various legal enactments, tax and finance.
The objective of the enactment of the Prevention of Money-laundering Act, 2002, i.e. PMLA (the...
Tax planning is a continuing effort and a management strategy for ensuring the minimization of...
On 18th May 2023, the Securities Exchange Board of India (SEBI) released a Consultation Paper o...
Infrastructure and real estate have been regarded as India's "sunshine sector" since the turn o...
On 22nd May 2023, the Central Board of Direct Taxes (CBDT) issued a new circular under secti...
Anyone can have different sources of income. With globalization and the opening up of economies...
The Reserve Bank of India (RBI) is crucial in regulating NBFC, including branch openings and cl...
In India, Non-Banking Financial Companies are subject to certain restrictions from taking publi...
It's usually a good idea to diversify the assets in your financial portfolio, especially during...
A nation is being built by the non-banking finance company through the development of wealth, t...
Are you human?: 7 + 3 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Selling alcoholic beverages without a license is prohibited and punishable under law. Therefore entrepreneurs are r...
04 Feb, 2021
India ranks as the world's 3rd largest start-up ecosystem as well as a home to approximately 75,000 Startups. Curre...
02 Nov, 2022
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!