The MSME sector set to provide maximum jobs and maximum products; it has turned into a usually discussed subject nowadays. The micro, small, and medium enterprises are jointly accounting thirty-seven percent of India’s GDP. Hence, the MSME sector is challenging the other sectors in terms of product launch and job creation. In an effort to push the developing segment, the government of India has successfully launched an online portal and mobile app. This app is designed to access the business-related schemes along with the inconvenience of the payment section. To find the fulfillment of job creation promise, it is in the cards to monitor the small business sector by the public sector undertakings. At the same time, the micro, small, and medium enterprise sector is getting its shape to offer maximum numbers of products for domestic use. More interestingly, TV channels are being launched on B2B and B2C commerce. Don’t you think this is the win-win situation for our MSME industry?
In today’s scenario, when we have more than fifty million companies, the MSME sector in India is contributing forty-five percent of manufacturing goods (more than seven thousand products), forty-two percent of the exported goods, and thirty-seven percent of the GDP. But yes, not all of these companies are registered with the government. In this response, making India a global manufacturing hub is the only thing government is eyeing around. As soon as the unregistered companies will come under the tax-paying section, they will directly contribute a huge amount to the national economy. For the benefit of the complete set of enterprises which is more than twenty million, the MSME ministry had launched a scheme as Udyog Aadhar Memorandum Scheme two years back.
Before its introduction, 2.19 million registrations were done from 2006 to 2015. But you will be surprised to know that the number of registrations reached to 3.0 million in this one and half years. In order to cope with the non-availability of finance, the MSME ministry has invited the banking and private investment sector to come forward with easy financing options as business loans and invoice finances. That has given an early boost to the fin-tech segment throughout the subcontinent. Getting a business loan from a fin-tech is not an over-rated issue; it is within everybody’s reach now. Now, Indian micro, small, and medium enterprises are simultaneously experiencing the web as well as mobile based technologies. The adaptations of E-commerce & M-commerce are making their jobs easier than ever before.