The Government has launched several schemes to boost the micro, small and medium enterprises (MSME) sector as it is a major component towards driving employment generation. The main focus of the Centre in terms of providing employment opportunities in this sector are the youth and women.
Let's have a look at some of the key schemes started by the Government to boost the MSME sector, which is also considered the backbone of Indian economy.
Udyog Aadhaar Memorandum
Aadhaar card is a 12 digit number given to every Indian by the Government. Under this initiative, it is a mandatory requirement. This scheme was launched with the aim of providing ease of doing business in the MSME sector and streamlining the process of registration of small units, by universalising the procedure.
The benefit of registering in this scheme is the ease in availing credit, loans, and subsidies from the government. Registration can be done both ways in the online mode as well as through the offline mode.
Zero Defect Zero Effect
In this scheme, products or goods that are manufactured for export have to conform to a particular standard so that they are not rejected or sent back to India. To achieve this objective, the Government conceptualised this scheme. In this, the exported goods are also eligible for some rebates and concessions.
Quality Management Standards And Quality Technology Tools
Once registered in this scheme, it helps small enterprises to understand and implement the quality standards that are required to be maintained along with new technological requirements. In this scheme, activities are conducted to sensitise the businesses about the new technology available through various means of communication and publicity.
Grievance Monitoring System
In this mechanism, business owners can get their grievances addressed and can also check the status of their complaints and can even get them reopened, if they are not satisfied with the solution.
This scheme helps innovators in implementing their new design, ideas or products. Government finances up to 80 per cent of the project cost.
Credit Linked Capital Subsidy Scheme
Under this scheme, new technologies are provided to business owners to replace their old and obsolete technical knowhows. Capital subsidy is given to businesses to help them upgrade and have better means to do their business. MSMEs can also directly approach the banks for these subsidies.
This scheme is especially meant for women who want to start their own business. The Government provides capital, counselling, training and delivery techniques to these women so that they can manage their business and expand it.