Date: 24th December 2019Manage Smart Solutions, the technology startup in Artificial Intelligence, Data Analytics and Blockchain, is happy to announce its registration and association with Ministry of Micro, Small and Medium Enterprises, Government of India for small and medium enterprises in India. It is also known as Aadhaar for Business.
According to YourStory.com: "As Micro, Small and Medium sized enterprises (MSMEs) are considered the “engine of growth” for any developed or a developing country, they are being given every possible benefit so as to make them sustain devoid of any economic conditions. Also, the government has made it compulsory for large corporations to buy certain allied products only from these MSMEs.”
MSME- an abbreviation of Micro, Small & Medium enterprises- is the pillar of economic growth in many developed, and developing countries in the world. Often rightly termed as “the engine of growth” for India, MSME has played a prominent role in the development of the country in terms of creating employment opportunities-MSME has employed more than 50 million people, scaling manufacturing capabilities, curtailing regional disparities, balancing the distribution of wealth, and contributing to the GDP-MSME sector forms 8% of GDP.
The advantage of this sector is it requires less investment, thus creating employment on a large scale, and reducing the employment and underemployment problems. Moreover, this sector has survived almost all threats emerging out of still completion from both domestic and international market.
To encourage the growth of MSME, both state and central governments have conceptualized it in such as a way as to provide maximum benefits to the enterprises falling under the MSME sector. Registration of an MSME is not legally mandatory but registering it will help you reap several benefits from the government including credit at low interest rate, incentives on products for exports, excise exemption, statutory aid such as reservations, and the interest on the payments delayed due to unavoidable circumstances. Even now msme registration known as udyog aadhar registration from the 2015.