The Government has said that only Permanent Account Number (PAN) and Aadhar card will be required for registration of micro, small and medium enterprises (MSMEs), a measure which is expected to boost the sector, as simplification of the registration process will encourage greater participation in it.
Minister for Road Transport and Highways Nitin Gadkari, who also handles the MSME department, made the significant announcement on Tuesday.
He informed that after getting registered, the MSME units will be getting priority and finance. Mr Gadkari also underlined the need for imparting training to small units in the field of entrepreneurship and assured full support to the sector.
The minister said that banks and non banking finance companies will lend support to small businesses.
He added that MSMEs contribute significantly in the economic and social development of the country by fostering entrepreneurship and generating large employment opportunities.