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What is the importance of MSME registration in India?

India is a country of a large population. Many multinational organizations are turning their focus to cater to the large consumer base in India. 

 India being a developing economy encourages more entrepreneurs to establish their own business and flourish the overall productivity of the country. 


The Micro, Small and Medium Enterprises sector is one of the major driving forces of the Indian economy. The MSME registration provides a heap of benefits to the registered company to develop at a faster pace. 

This is the reason that makes it critical for micro, small and medium enterprises to register themselves in the MSME industry. 


The growing start-ups have encouraged entrepreneurship skills in the entire country. People are now interested in developing their own micro, small and medium businesses to accomplish their dreams. 


The MSME registration paves the way for many budding entrepreneurs to explore their ideas and run a successful business organization that would benefit the society and the entire nation.


The MSME industry in India will aid in developing the Indian economy and also outperform the competitor countries with extraordinary business ideas.


What are the criteria to register as an MSME organization?


The MSME organizations are broadly classified as Manufacturing enterprises and Service enterprises according to the nature of business activities. 


The manufacturing enterprises with investments less than 25 lakhs is considered to be micro-enterprises, less than 5 crores are said to be small enterprises and less than 10 crores is said to be medium enterprises. 


The service enterprises with investments less than 10 lakhs is considered to be micro-enterprises, less than 2 crores are considered to be small enterprises and less than 5 crores are considered to be medium enterprises. 


The manufacturing, as well as service enterprises falling under the aforementioned categories, can register themselves as MSME under the MSME Act. 


What are the benefits of MSME registration?


There are numerous benefits that one can derive by registering under the MSME Act. 


  • Financial assistance in the form of bank loans at lower interest rates that would help the MSMEs to flourish at a comparatively faster pace. 
  • Special tax rebates that would assist them to gain more profits and encourage more business tasks and activities. 
  • Government tenders and projects exclusively offered for MSMEs. 
  • The several discounts offered for various government procedures such as patent registration and many more. 


The organizations can get the aforementioned benefits only when they register themselves under the MSME Act in India. 


The MSME registration consultants at BDS Legal Services would provide exceptional services to register your enterprises under the MSME Act.