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MSME sectors have played a crucial role in the overall economic development in India. It has resulted in the creation of employment opportunities and output growth. It is a widely accepted belief that Micro Small and Medium Enterprises (MSMEs) are the engines of economic development and for equitable development. The government has introduced various measures to uplift MSMEs, and that is exactly what this article cover.
Table of Contents
MSME stands for Micro, Small and Medium Enterprises. As per the MSMED (Micro, Small and Medium Enterprise Development) Act, 2006 the enterprises are classified into two-
CHAMPIONS Portal: A unified, robust, and technology-driven platform was envisaged for helping and promoting the MSMEs of the country. CHAMPIONS means Creation and Harmonious Application of Modern Processes for Increasing Output and National Strength. This is to make the smaller units big by helping and handholding.
Some of the government schemes are as follows:
The entities that are registered under the MSME can get a loan from-
The following benefits can be enjoyed on MSME registration:
Also, read: A Brief Insight into Digital Lending in MSME
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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