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Economy News

News on Indian Economy and Sectors, which have impacts in the market.

Government Simplifies Registration Process for MSMEs

16-Jun-21 09:01Hrs IST

Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Nitin Gadkari announced simplification of process for registration of Micro, Small and Medium Enterprises. Gadkari said that now only PAN and Aadhaar will be required for registration of MSMEs. The Minister added that after getting registered, the MSME unit will be getting priority and finance. He said that there is a need to impart training to small units in fields of entrepreneurship and other related aspects. He assured full support of the MSME Ministry, and also expressed hope that banks and NBFCs will also provide full support to small businesses.

Emphasizing the importance of MSMEs, the Minister said that the MSMEs contribute significantly in the economic and social development of the country by fostering entrepreneurship and generating large employment opportunities. He said that with an objective of making India a global economic powerhouse, vision of MSME aims towards building a supporting ecosystem for MSMEs to enhance their contribution towards five trillion dollar economy. He said that in order to boost the economic activities of MSMEs, the Government has announced a special incentive package ‘Aatmanirbhar Bharat Abhiyan’ of 20 lakh crore rupees.

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