The government has simplified the registration process for micro, small and medium enterprises (MSMEs) and they will now only need to furnish PAN and Aadhaar to register.
Announcing the measure, MSME minister Nitin Gadkari said that after getting registered, the MSME unit will be getting priority and finance. He said there is a need to impart training to small units in fields of entrepreneurship and other related aspects. He also expressed hope that banks and non-banking finance companies will also provide full support to small businesses.
Emphasizing the importance of MSMEs, Gadkari said that the MSMEs contribute significantly in the economic and social development of the country by fostering entrepreneurship and generating large employment opportunities. He said that with an objective of making India a global economic powerhouse, vision of MSME aims towards building a supporting ecosystem for MSMEs to enhance their contribution towards five trillion dollar economy. He said that 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.