MSMEs owned by SC entrepreneurs

Subject – Economy

Context – 6% of MSMEs owned by SC entrepreneurs

Concept –

Maharashtra tops India’s list in the number of micro, small and medium enterprises (MSME) owned by entrepreneurs from the Scheduled Castes with as many as 96,805 enterprises.
Generally, the proportion of enterprises owned by Scheduled Caste entrepreneurs in the overall national tally of MSMEs is 6%.
Tamil Nadu with 42,997 enterprises and Rajasthan with 38,517 units occupy the second and third slots.
The Udyam system of registration, which came into force on July 1, 2020, is a prerequisite for any MSME (regardless of the social category of ownership) to avail itself of concessions or benefits from the Central and State governments and the last date for migration to Udyam has been extended up to March 31, 2022.
- This stipulation is only in respect of MSMEs, which want to get covered under schemes of the governments including priority sector lending of banks. Otherwise, the enterprises, which had registered themselves under the previous system such as Udyog Aadhar Memorandum (UAM), can carry on their business.
There is no room for duplication under the new system, which has a provision for integration with the GSTN (Goods and Services Tax Network).

Udyam registration portal for MSME

Udyam Registration Portal is developed by Ministry of Micro, Small and Medium Enterprises.

Features:

MSME registration process is fully online, paperless and based on self-declaration. No documents or proof are required to be uploaded for registering an MSME
A Registration number will be given after registration
After completion of the process of registration, an Udyam Registration Certificate will be issued This certificate will have a dynamic QR Code from which the web page on our Portal and details about the enterprise can be accessed.
PAN & GST linked details on investment and turnover of enterprises will be taken automatically from the respective Government data bases.

Benefits:

This process will be extremely simple, seamless entrepreneur friendly.
It will set an example in Ease of Doing Business, not only in India but internationally.
It will reduce transaction time and costs. Entrepreneurs and Enterprises can focus on their real work and become globally competitive.