ASSOCHAM on Wednesday welcomed the simplification of the registration process for Micro, Small, and Medium Enterprises (MSMEs).
In a statement, Manguirish Pai Raikar, Chairman, National Council for MSME, Assocham, said, ”Assocham welcomes this and complements the government for always keeping the interest of MSME protected. We request the government to smoothen the online processes of other registrations, including the Income Tax and GST. I am sure that the government will also come out with marketing assistance schemes specifically with context to the Covid affected units and help them to survive and sustain.”
Union Minister for Road Transport and Highways and Micro, Small and Medium Enterprises Nitin Gadkari on Wednesday announced simplification of the process for registration of Micro, Small and Medium Enterprises.
In an event, Gadkari said now only PAN and Aadhaar will be required for registration of MSMEs.
He said after getting registered, the MSME unit will be getting priority and finance.
The minister said there was a need to impart training to small units in fields of entrepreneurship and other related aspects and 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, Gadkari said the MSMEs contribute significantly to the economic and social development of the country by fostering entrepreneurship and generating large employment opportunities.
He said with the objective of making India a global economic powerhouse, the vision of MSME aims towards building a supporting ecosystem for MSMEs to enhance their contribution towards a five trillion dollar economy.
In order to boost the economic activities of MSMEs, the Government has announced a special incentive package ‘Aatmanirbhar Bharat Abhiyan’ of Rs 20 lakh crore, he added.