MSMEs are the cornerstone of every country, and
are an engine of global growth that facilitates sustainable prosperity for all.
The Government of India thus funds and encourages MSMEs through means of
different subsidies, programs and opportunities through the MSMED Act. It
offers a variety of incentives for industry, such as qualifying for lower
interest rates, excise exemption program, tax subsidies, electricity tariff
subsidies, capital expenditure subsidies and other assistance. MSME accounts for micro, small and
medium-sized companies and any business that comes under each of these three
groups.
Micro, small and medium-sized companies in the
manufacturing and service sectors may get MSME registration under the MSMED
Act. MSME registration is required to take advantage of the benefits of the
MSMED Act from the federal or state government and the banking sector. While
MSME registration is not necessary by statute, NSMD & Co
will help the company get MSME registration to take advantage of a host of
advantages.
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