The Micro, Small and Medium Enterprises (MSME) has become one of the most important sectors of the Indian Economy during the last five decades. This is primarily because the MSMEs are complementary to large scale industries in that this sector accounts for a major percentage of the socio-economic development of the country.
This article emphasizes the major Udyog Aadhaar Benefits which is a “must-know” for the entrepreneurs to get their enterprises registered through the simplified Aadhar based registration system.
Udyog Aadhaar and its Significance:
The Udyog Aadhaar Memorandum was notified by the Central Government on September 18, 2015. The Ministry of MSME has set up an online portal named “Udyog Aadhaar (UA Portal)” which would make it easier for the enterprises in doing their business.
As of October 2015, around 800 MSMEs have registered themselves using this portal to avail Udyog Aadhaar Benefits.
The Significant Udyog Aadhaar Benefits for your Business:
The following are some of the key benefits of filing Udyog Aadhaar Memorandum:
- Udyog Aadhaar registration will enable the enterprises to access information about various services being offered by all Ministries and Departments.
- Udyog Aadhaar registration is done online which makes the registration process simple for all the enterprises.
- The process of obtaining Udyog Aadhaar Number is free-of cost, paperless and instantaneous.
- Udyog Aadhaar registration was launched mainly to promote ease of doing business for the entrepreneurs.
The Ministry of MSME has designed a single-page registration form to be filed by the unregistered MSMEs. This move by the Government has gained much appreciation from the MSME sector as it had replaced the previous cumbersome Entrepreneurs Memorandum (EM – I and EM – II).
Significance of MSME sector to Indian Economy:
The State Governments are primarily responsible for promoting and developing the MSMEs. At the same time, the Central Government supplements the State Government’s efforts through various initiatives and assists them in ways which are of value to MSMEs.
The following points illustrate the importance of MSME sector and its contribution to the economic conditions of the country:
- MSMEs play a pivotal role in providing large employment opportunities at a comparatively lower capital cost than large industries.
- They help in industrialization of rural & backward areas.
- They act as a medium of reducing regional imbalances, by assuring an equitable distribution of national income and wealth.
The Ministry of MSME supports the State Governments in the efforts to encourage entrepreneurship, employment and livelihood opportunities and enhance the competitiveness of MSMEs in the changed economic scenario.
We hope this article on Udyog Aadhaar Benefits was helpful. Please check this website for many such useful resources.