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Govt Subsidies Latest News

Top 5 MSME schemes in 2023

Micro, Small and Medium Enterprises (MSMEs) play a vital role in the growth and development of the Indian economy. The government of India has launched several schemes to support and promote the growth of SMEs in the country. In this blog post, we will take a look at some of the major government schemes for MSMEs in India.

  1. Pradhan Mantri Mudra Yojana (PMMY): This scheme aims to provide financial assistance to small businesses and entrepreneurs in the form of loans. The loans are provided through various banks and NBFCs, and can be used for a variety of purposes such as working capital, machinery, and equipment.
  2. Stand-Up India: This scheme aims to promote entrepreneurship among Scheduled Castes (SCs), Scheduled Tribes (STs), and Women. Under the scheme, financial assistance in the form of loans is provided to entrepreneurs for setting up new ventures.
  3. National Small Industries Corporation (NSIC) Schemes: The NSIC provides various services to SMEs such as marketing, technical, and financial assistance. Some of the major schemes offered by NSIC include the Single Point Registration Scheme, the Performance and Credit Rating Scheme, and the Marketing Assistance Scheme.
  4. National Minorities Development & Finance Corporation (NMDFC): This scheme aims to provide financial assistance to minority communities such as Muslims, Christians, Buddhists, Parsis, and Jains for setting up new ventures or expanding existing ones.
  5. Technology Upgradation Fund Scheme (TUFS): This scheme aims to promote the modernization and technological upgradation of the textile industry in India. Financial assistance is provided to textile units for upgrading their technology and machinery.

These are just a few of the major government schemes for MSMEs in India. There are many other schemes available to support and promote the growth of SMEs in the country. It is important for SMEs to be aware of these schemes and take advantage of the opportunities they offer.

MSME Money strives to partner with MSMEs and work with them in areas of Delayed Payments, Technical Consulting and guidance to apply and avail various MSME schemes. Call or Whatsapp us today at +91 70921 91919.

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Latest News MSME Benefits

BENEFITS OF UDYAM REGISTRATION

MSME stands for Micro, Small & Medium Enterprises. This was earlier covered under Udyog Aadhar, post 1st July 2020 it was replaced by Udyam Aadhar. The awareness is missing and most entrepreneurs are unaware of the benefits of Udyam registration. This article explains the benefits of Udyam registration & documents required to register on the portal.

Udyam registration is a general certification given by the government to the micro, small & medium enterprises. The registration provides the MSMEs with a unique identity number and a certificate.

Benefits of Udyam Registration

  • MSMEs with Udyam registration enjoy various benefits. Some of the main benefits are listed below:Banks give the collateral-free loans. 
  • Easy access to the registrations, approvals, and licenses
  • International trade receives special consideration
  • Concession on various bills, such as electricity bills
  • Credit Linked Capital Subsidy Scheme is validated by the Udyam registered organisations
  • Reimbursement of ISO certification fees 
  • Protection against delayed payments or supplied services
  • Subsidy and fewer interest rates offered on bank loans
  • Different reservation policies for production or manufacturing units
  • Exemption of direct tax
  • Subsidy on credit rating and NSIC performances fees
  • Patent and barcode subsidies

Conclusion 

The push of ATMANIRBHAR BHARAT is helping MSMEs, Udaym registration is an essential requirement for availing all these policies, subsidies, etc. After the completion of this Udyam registration process, an e-certificate is issued. So, if your enterprise has not been registered yet with Udyam registration, get it done today itself and start enjoying its benefits.

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Latest News

RBI extends Interest subsidy till March 2024

The Reserve Bank on Tuesday extended the interest equalisation scheme for pre and post-shipment rupee credit for MSME exporters till March 2024 with the objective of boosting outbound shipments. They get subsidies under the ‘Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit.

In April last year, the scheme was first extended till June end and later till September 2021.

The scheme will not apply to telecom instruments and entities availing benefits under the Production Linked Incentive (PLI) scheme of the government.

The interest equalisation rates under the scheme have been revised to 2 per cent and 3 per cent for certain specified categories of MSME manufacturer exporters, the RBI  said.

“The government has approved the extension of Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit up to March 31, 2024, or till further review, whichever is earlier. The extension takes effect from October 1, 2021, and ends on March 31, 2024,” RBI stated in the notification.

While issuing approval to the exporter, the bank will be required to furnish the prevailing interest rate, the interest subvention being provided, and the net rate being charged to each exporter, so as to ensure transparency and greater accountability in the operation of the scheme, the RBI said.

It further said from April 1, 2022, banks shall reduce the interest rate charged to the eligible exporters upfront as per the guidelines and submit the claims in original within 15 days from the end of the respective month in the prescribed format.

The RBI further said for October 1, 2021, to March 31, 2022 period, banks shall identify the eligible exporters as per the scheme, credit their accounts with the eligible amount of interest equalisation and submit a sector-wise consolidated reimbursement claims for the period to the Reserve Bank by April 30, 2022.

India’s merchandise export in February 2022 was USD 33.81 billion, an increase of 22.36 per cent over USD 27.63 billion in the same month of 2021

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