What is MSME Registration?

Recently Government of India has introduced various schemes, subsidies, and incentives to promote MSME (Micro, Small and Medium Enterprises) through MSMED Act. Not only the government but banks are also providing loans to these MSMEs at very concessional rates to set their first brick of the business. However, to get these benefits from the central and the state government or the banking sector, you would have to apply for MSME Registration. The Government of India has made it compulsory to have an Aadhar Number for Registration under the MSME. For MSME, an application shall be filed online using the official website of Udyog Aadhar Registration at Udyog Aadhar Website and this can be verified using the Aadhar OTP. It’s is playing a very crucial role across the nation for small and medium enterprises. It has been observed from various surveys that the economic growth of the country not only depends upon large scale enterprises but also on small sector enterprises operating in India. It is the backbone of such country whose economy is depends upon agriculture. India has huge stock of natural resources therefore the growth of small scale industries is certain. In the year 2015, government changed MSME registration into Udyog Aadhar Registration.

Importance of MSME Registration:

MSME registration is very important for the transparency and accountability in business of small scale industries. To promote the MSMEs throughout the country there is a MSME department which is an authorized body established by the government. With registration one can avail numerous incentives as per MSMED Act. It is mandatory in order to subscribe under MSME.