MSME Registration is playing very important role for the small and medium business across India.Numerous surveys show that country’s true economic growth reckoned not just on its large-scale industries and foreign investments but also on its small and medium level industries that also includes various cottage industries operating in India. By looking towards the developing country like India whose economy is basically dependent on agriculture and small-scale industries, applying for MSME registration or SSI Registration could be considered as its backbone.
In India, every state has its own tradition and culture which they follow and become eminent in that kind of industry. No doubt that India is a country with its huge stock of natural resources with intense climate variations, so promoting and working in such type of industries on a very large scale is very common among the traders.
So Ultimately MSME Registration are a certification which is issued by respective state government department to avail to benefits under the MSME Act. Now from the 2015 government modified the MSME or SSI Registration and its has been changed into the Udyog Aadhar Registration.
Why MSME Registration are Important for Small Business ?
MSME registration is really important for developing the transparency and accountability of the above-mentioned industries, Government of India has basically categorized these industries which is known as MSME- Micro, Small and Medium Enterprises. MSME is actually an authorized body that helps in promoting these industries throughout the country with the help of officially legalized Act. One of the unique advantage of MSME registration is that it authorizes numerous incentives and incentives to industries included under MSMED Act. In order to subscribe under MSME, a MSME registration procedure is mandatory. Apart from the enterprises as mentioned above, some firms, or shop registration or public and private limited companies, LLPs are also eligible to apply for registration under MSME to avail its benefits.