MSME REGISTRATION: THE ENGINE OF GROWTH FOR INDIAN ECONOMY

In India, the Micro, Small and Medium Enterprises (MSME) have played a significant role in the growth of the economy. As our economy is mainly dependent upon the agriculture and small business, the MSME sector being the spine of the economy is highly encouraged by the government. Further, it is significant to note that the Indian MSME sector is the second-largest in the world, after China. And as per the statistics of the year 2017, in India, there were about 36 million MSMEs. Hence, this is the reason why the government of India always comes up with a different set of schemes and policies relating to the MSME sector.

To avail the various sorts of incentives, schemes, subsidies, and benefits provided by the government to the MSME entrepreneurs, one must go for obtaining MSME registration. The registration can be acquired either under the SSI Registration or under the MSME Registration act with the department concerned. Therefore, acquiring MSME Registration leads to transparency and accountability in the working of the MSME sector.

Further, the MSMED (The Micro, Small and Medium Enterprises Development) Act, 2006 provides for the measures regarding the promotion, enhancement of competitiveness, development, and growth of MSME and also the establishment of the National Board for MSME Registration.

What is the Procedure for obtaining the MSME Registration in India?

The procedure for MSME registration is pretty simple and easy. Any individual can easily opt for the online MSME registration. Hence, the following are steps involved in the process to get the certificate for MSME registration without any hassle and problems–

1. For obtaining the MSME registration, an individual or the concerned applicant needs to file a form either offline or online. For filling the online form, the applicant concerned can visit on the official website of the Udyog Aadhar and then login as an entrepreneur over there.
2. In the application concerned, the applicant needs to fill in the essential details of the industry he or she wants to operate.
3. Together with, he or she must provide the mandatory required documents like the Aadhar number, industry name, address, bank account details, and other commonly required details.
4. Further, the applicant needs to provide some of the self-certified certificates.
5. Once he or she has filled up the form completely and have annexed all the documents, wait for two or three working days.
6. Lastly, when the applicants concerned have received the MSME registration number, he or she can go for downloading the MSME registration certificate from the official website of Udyog Aadhar.

Source:  http://www.apsense.com/article/msme-registration-the-engine-of-growth-for-indian-economy.html