The government on Tuesday (15 June) announced that it has simplified the registration process for micro, small and medium enterprises (MSMEs) and that they will now only need an Aadhaar and PAN to register.
The announcement was made by Union MSME minister Nitin Gadkari while addressing a webinar of SMEStreet GameChangers Forum.
Gadkari added that after getting registered, the MSME unit will be getting priority and finance. He said that there is a need to impart training to small units in fields of entrepreneurship and other related aspects, a MSME ministry statement said.
The minister futherassured full support of the MSME ministry, and also expressed hope that banks and NBFCs will also provide full support to small businesses, the statement added.
Emphasising the importance of MSMEs, the Minister 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, the statement said.
Gadkari said that in order to boost the economic activities of MSMEs, the government has announced a special incentive package ‘Aatmanirbhar Bharat Abhiyan’ of 20 lakh crore rupees.