The Perks of Being a Registered MSME in India

 





MSME Registration in Bangalore will play a crucial role in a developing in Bangalore. MSME industries are the main backbone of the economy as has been quoted by many economists. The MSME sector will show contribution to roughly 45% of India’s total industrial employment, approximately 50% of India’s total exports and almost 95% of all industrial units of the country and around 6000 types of products are manufactured in these industries. With the growth of MSMEs, the country will face a huge growth on economy . Whatever the company is in manufacturing or making services, registrations or applications there are many companies governed by the Micro Small and Medium Enterprises Development Act, 2006 .The MSMED Act that had come into the force on 02nd October 2006. Which was established to promote, facilitate and develop MSMEs.

As the world is currently reeling from the wrath of the ongoing Coronavirus pandemic, Bangalore and Bangalore businesses have been no to allow a rule not to be followed. Even big businesses and reputed companies have been forced to undertake extreme cost-cutting measures in order to cope with the effects of the pandemic that induces lockdown and to keep their businesses that will float. One can also imagine the danger of smaller businesses like the MSMEs. Several small businesses have also been forced to shut down for their own operations completely or go neck-deep in a huge in order to try and survive this tough period. The Government of India in order to support the action of restoring and ensure the upliftment is in the process of implementing a major economic stimulus with a special focus on MSMEs in order to do a better equipment for them that has given the current situation. By virtue of their registration as an MSME/SSI under the MSMED Act, they are entitled to certain huge benefits. Some of the benefits are:

1. Collateral Free Bank Loans:

MSME registration service provider in Bangalore  has recently given notice that collateral-free credit will be available to all companies in each and every small and micro business sectors. This initiative which also ensures funds for MSMEs/SSIs. Under this initiative, existing as well as the new enterprises can claim the benefits that had enshrined here. This trust by the name of the Credit Guarantee Trust Fund Scheme was introduced by the Government of India, Small Industries Development Bank of India (‘SIDBI’) and the Ministry of Micro, Small and Medium Enterprise Development to ensure this scheme is implemented for all MSMEs/SSIs.

2. Patent Registration:

A significant subsidy of 50% is given to registered MSMEs/SSIs. This subsidy can be available for patent registration only by furnishing a copy of the application to the respective ministry.

 

 

Conclusion

MSME Registration Certificate in Bangalore are indeed the backbone of our economy in our company and it is important for more and more small businesses to obtain the registration under the MSMED Act in order to be beneficiaries of the denoting a thing for the benefits. The Government of India is indeed taking the term ‘easy way of businesses which are very seriously especially for MSMEs/SSIs and this is clearly visible from the benefits that had been offered to registered MSMEs/SSIs and even the recently announced economic stimulus package which has many several that are designed specifically with MSMEs in mind.

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