MSME stands for Micro, Small And Medium Enterprises and any enterprise that falls under any of these three categories can apply for registration. MSME registration that falls under the MSMED Act facilitates promotion and development of enterprises and improves its functioning. Any type of enterprise can apply for SME registration. These includes proprietorship enterprises, enterprises managed by Hindu undivided family, enterprises run by association of individuals, co-operative societies, partnership firms and enterprises managed by companies or undertakings etc. After registration, an enterprise becomes eligible to get the benefits under the MSMED Act.
MSMEs can now enjoy the benefits of selling their products and services to the world market rather than being confined into domestic market.
Many foreign companies have tied up with Indian MSMEs and helped them to use better technology, managerial skill etc.
As the economy is mainly market driven; there is less Govt. intervention, red tapes, less control on import and export etc. allowing MSMEs to work in a free environment.
The Ministry of MSME, Government of India and SIDBI set up the Credit Guarantee Fund Trust for Micro and Small Enterprises ( CGTMSE) with a view to facilitate flow of credit to the MSE sector without the need for collaterals/ third party guarantees.
Credit rating is not mandatory but it is in the interest of the MSE borrowers to get their credit rating done as it would help in credit pricing of the loans taken by them from banks.
The Ministry is implementing the Micro and Small Enterprises – Cluster Development Programme (MSE-CDP) wherein support is provided for Diagnostic Study; Soft Interventions like general awareness, counseling, motivation and trust building, exposure visits, market development including exports, participation in seminars, workshops and training programmes on technology upgradaionetc; Hard Interventions like setting up of Common Facility Centers (Common Production/Processing Centre, Design Centre, Testing Centre etc.) and creation/upgradation of infrastructural facilities in the new/existing industrial areas/ clusters of MSMEs.
The Ministry of MSME, Government of India and SIDBI set up the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) with a view to facilitate flow of credit to the MSE sector without the need for collaterals/ third party guarantees. The main objective of the scheme is that the lender should give importance to project viability and secure the credit facility purely on the primary security of the assets financed.
Ministry implements a scheme called Credit Linked Capital Subsidy Scheme (CLCSS) for technology upgradation of Micro and Small enterprises in the country.
The Ministry conducts various types of training programme through its various organisations for self employment as well as wage employment. The training programmes are primarily focused to promote self employment in the country.
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