The businesses and the small industries’ contribution to the Economy of India are boundless and immeasurable. They help us to create employment and wealth along with social development. The MSME – Micro, Small, Medium Enterprises industry plays a very important role that the Indian Government has allotted a special ministry to help and assist them. Let’s take a look at how the government helps the MSME industries.
Government Assistance
The government of India has been very helpful in developing and supporting the small scale industries. It aims at the development of the cottage and the rural industries. Before going in-depth, let us know what exactly Small Business means? A Small Business is a venture or a project that demands a small budget or is administered by a small number of people.
The State Government and the Central Government of India focus more on the opportunities that are self-employed in the rural sectors. The government support and help them through training programs, loans, raw materials, infrastructure, and technology.
The purpose of the government is to make use of the available resources through the locally available manpower. It is then converted into actions by the agencies, local department, corporations, etc. the small industries are supported through the following.
Institutional Support
- NABARD – National Bank for Agriculture and Rural Development
It was initiated by the government to promote and help the rural industries. It has included many multi-purpose actions to promote rural business in all over India. It helps in supporting the rural industries, rural artisans, small industries, agriculture, and cottage industries. It aids in setting up counseling, development and training programs for the young and new rural entrepreneurs.
- RSBDC – Rural Small Business Development Centre
It is promoted and helped by the NABARD for the MSME. The RSBDC aims to help the unfavorable groups and people financially and socially. It comes up with many programs like entrepreneurship, skill up-graduation, awareness, training, and counseling.
It is because of these programs, many of the youth and unemployed people are motivated to learn different varieties of trades and also introduce them to the world market.
- NSIC – National Small Industries Corporation
It was initiated by the government to support and popularize the small businesses that focus on commercial features. The prime functions of the NSIC include helping them by supplying them with imported machines and goods on agreements, importing raw materials, importing and supervising their products and providing them with technical up gradation awareness.
- SIDBI – Small Industries Development Bank of India
It is a prime government bank that helps to provide indirect and direct support through financially with the aid of various schemes to meet the small industries’ requirements.
- NCEUS – The National Commission for Enterprises in the Unorganized Sector
It is another initiative started by the government to help the MSME and improve its productivity level in the informal sector. It also generates employment in the rural sector and helps in creating attachments between the finance and the small sector, raw materials, infrastructure, and technology. It was established so that the small scale industries are given a platform in the global environment.
- RWED – Rural and Women Entrepreneurship Development
This was created for the development and exposure of the business environment to rural women and to support them in their business. It aids them in providing manual training in entrepreneurship and provides advisory services.
Incentives
The Indian Government aims more on the industrial development and the economic development of hilly, backward and tribal areas. There have been many committees established to support and attest to the growth of MSME.
The programs and the schemes are different from one state to another. But together, they form a beneficial package to attract the industries of the backward area.
The MSME can be easily set up with the aid of the government. But one must make sure the MSME registration must be done with proper knowledge and information. The MSME registration online is also another simple way to get it registered and recognized by the government. Only if you register it, you will get help and support from the government.
There is not much required for setting up enterprises. All they need is building, shed or land, equipment and machinery, water and power, Raw materials, capital, and many more such things. Get it registered to avail more support from the Government of India.