Udyam registration is now mandatory for all MSMEs to avail of benefits under Priority sector lending and they can participate in Government tenders for manufactured goods and services. The registration provides multiple benefits to help MSMEs succeed, some of which are Collateral-free loans from banks and financial institutions and subsidised interest rates. It also simplifies…
The Ministry of MSME has taken the initiative to file an online application by the supplier MSE unit against the buyer of goods/services before the concerned MSEFC of his/her State/UT. The special portal launched on 30th Oct’2017 is known as “MSME SAMADHAAN”. This special portal to settle delayed payments by the buyers was launched by…
Make in India certificate is now mandatory for MSMEs to participate in Government tenders as the Government encourages Manufacturers and service providers through various schemes and policies. The focus of the Make in India programme is on 25 sectors. These include automobiles, automobile components, aviation, biotechnology, chemicals, construction, defence manufacturing electrical machinery, electronic systems, food…
The government of India recognises the importance of startups in driving innovation and economic growth. The Government departments related to various ministries have introduced schemes to provide financial, infrastructural, and regulatory support to startups. The startup schemes cover sectors like technology, manufacturing, agriculture, healthcare, and more. The Startup India scheme is based majorly on three…
The micro, small and medium enterprises (MSMEs) are often known as the backbone of the Indian economy. This sector contributes more than 29% to the GDP and is responsible for around 50% of India’s total exports. MSMEs also contribute one-third of India’s manufacturing output and employ people living in semi-urban and rural areas. The MSME…
The idea of the Government on the MSME sector has been to manufacture goods in the country with “zero defects” and to ensure that the goods have “zero effect” on the environment. That is to say that we should manufacture goods in such a way that they carry zero defects and that our exported goods…
Secondary sector in an economy that is accountable for securing and processing raw materials into finished goods. Some of the manufacturing industries like Automotive, Electrical, Textiles, Chemicals, Food Processing, Steel, Transportation Equipment, Cement, Mining, Petroleum, and Machinery are considered secondary sectors. The employment growth in the secondary sector in India is marked by the inability…
A Sunrise industry is a new business or relatively new sector with the potential for rapid growth. Sunrise industries are often in their infancy stage showing promise of rapid growth. The IT industry is called the sunrise industry because of its high growth rates, startups, and huge capital funding. Some of the sunrise sectors in…
Gross domestic product (GDP) is the total value of the goods and services produced in a country during a specific period, usually a year. There are three methods to calculate GDP. These methods are: The Output Method (all value added by each producer), The Income Method (all income generated) and. The Expenditure Method (all spending).…
In the process of classifying economic sectors, economists have divided economic sectors based on the type of work performed and the goods and services produced. These sectors are initially classified as primary, secondary, and tertiary Sectors. The number of sectors grew as new types of work developed, and economists defined new sectors like Quaternary and…