There is a lot of industries in India but to develop, maintain and growth there is a need for proper management and governance. Govt of India is very much positive for MSME(Medium, small and micro enterprises) sector of India and supporting the Industry time to time. MSME industry is very big in India which includes all medium, small and micro enterprises in the Nation. These industries play a vital role in the development of the Nation through GDP growth, employment, and Export. In this process Ministry of finance announced Rs. 3794 crore for MSME in the General Budget of 2018-19.
In which ministry of Finance providing support for Credit and innovation. Which leads to generate more employment and increase in salary. The main emphasis of this scheme is to generate around 70 lakh jobs in the running year. 12% EPF will contribute to the company.
Objectives
- To Provide infrastructure of services
- To Promotion of electronics, hardware and IT industry
- To implement R&D
- To generate employment.
- To Provide support for skill development
- To support IT and cyber cell
- To promote ICT
- To promote Internet Governance in the Country
Significance and Importance
- MSME playing a vital role in generating huge employment and GDP growth in India. around 50 million jobs created by MSME with 8% of GDP growth.
- The main advantage of the sector is to create more jobs for less investment.
- MSME also contribute 40% of share in Export industry.
- MSME stars with little investment, little control, and decision-making ability.
Highlight of Scheme
- To provide credit support to the industries or for the new business venture.
- Refinancing scheme also available on the running industries.
- Ministry of finance will measure all financing policies.
- Efforts to give incentive plan to the women’s working in the Industries.
- To generate employment up to 70 lakh by 2018.
Conclusion
MSME gave a good platform for the young entrepreneur to develop and maintain their business with skills employment force.