India is a country of a large population. Many multinational organizations are turning their focus to cater to the large consumer base in India. 

 India being a developing economy encourages more entrepreneurs to establish their own business and flourish the overall productivity of the country. 

The Micro, Small and Medium Enterprises sector is one of the major driving forces of the Indian economy. The MSME registration provides a heap of benefits to the registered company to develop at a faster pace. 

This is the reason that makes it critical for micro, small and medium enterprises to register themselves in the MSME industry. 

The growing start-ups have encouraged entrepreneurship skills in the entire country. People are now interested in developing their micro, small and medium businesses to accomplish their dreams. 

The MSME registration paves the way for many budding entrepreneurs to explore their ideas and run a successful business organization that would benefit the society and the entire nation. 

The MSME industry in India will aid in developing the Indian economy and also outperform the competitor countries with extraordinary business ideas.

What are the criteria to register as an MSME organization?

The MSME organizations are broadly classified as Manufacturing enterprises and Service enterprises according to the nature of business activities. 

The manufacturing enterprises with investments less than 25 lakhs are considered to be micro-enterprises, less than 5 crores are said to be small enterprises and less than 10 crores are said to be medium enterprises. 

The service enterprises with investments less than 10 lakhs are considered to be micro-enterprises, less than 2 crores are considered to be small enterprises and less than 5 crores are considered to be medium enterprises. 

The manufacturing, as well as service enterprises falling under the aforementioned categories, can register themselves as MSME under the MSME Act. 

What are the benefits of MSME registration?

There are numerous benefits that one can derive by registering under the MSME Act. 

• Financial assistance in the form of bank loans at lower interest rates that would help the MSMEs to flourish at a comparatively faster pace. 
• Special tax rebates that would assist them to gain more profits and encourage more business tasks and activities. 
• Government tenders and projects exclusively offered for MSMEs. 
• The several discounts offered for various government procedures such as patent registration and many more. 

The organizations can get the aforementioned benefits only when they register themselves under the MSME Act in India. 

The MSME registration consultants at BDS Legal Services would provide exceptional services to register your enterprises under the MSME Act. 

Do you know the beneficial piece of India’s inheritance economic model and a part of the critical supply chain for products and services? That’s MSME.

MSME has initiated in the year 2006 in India. There are still some service sectors that was not yet involved in this sector was included in the definition of the Micro, Small and Medium-sized Enterprises making a historic change to this Act. Therefore leveraging the stretch of the sector even now government as well as MSME Registration for Service Provider simplified the MSME Registration online with the paperless work.

The further Importance of MSME in India has been described below :

1. It generates large-scale employment: Enterprises that are comprehensive in this sector requisite low capital to start new business. Moreover, it generates a vast opportunity for the unemployed people to employ. India makes about 1.2 million graduates per year out of which the total number of engineers are around 0.8 million. There is zero economy so far that could offer that large number of fresher in one year only. MSME is the boon for the new entrants.
2. Economic firmness in terms of Growth and leverage Exports: It is the most important driver in India contributing to the tune of 8% to GDP. Considering the benefaction of MSME to manufacturing, exports, and employment, other sectors are also gaining from it. Nowadays, MNCs are buying semi-finished and additional products from small enterprises, for example, buying of clutches and brakes by automobile companies. It is valuable in creating a linkage between MSME and big companies even after the execution of the GST 40% MSME sector also applied GST Registration that plays an important role to enhance the government revenue by 11%.
3. Empowers Inclusive Growth: The inclusive growth is at the top of the schedule of Ministry for Medium, and small and Medium-sized enterprises for several years. On the other hand, poverty and impoverishment are a discouragement to the development of India. Besides, it involves peripheral sections of a society which is a key challenge lying before the Ministry of MSME.

We, at BDS Legal, are MSME Registration Consultants in Mumbai and offer excellent support to our clients in obtaining MSME license.