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Given the above, it is not surprising that the government encourages the MSME sector through various economic measures. For example, the Government of India has given due importance to MSMEs in the special economic package announced in May 2020.
Some of the benefits of an MSME registration provided by the government include:
- Collateral free loans
- Special consideration in international trade fairs
- Bar Code registration subsidy
- Protection against delay in payment
- Reduced rate of interest from banks
- Concession in electricity bills
- Reimbursement of ISO Certification expenses
- Preference in procuring Government Tenders
- Subsidy for patent registration
- Subsidy for ZED Certification
On top of that, MSME registration is actively encouraged with the increasing ease of the entire MSME registration process, including online MSME registration. So, while not mandatory, it is important for small businesses to go for an MSME registration and take advantage of these benefits. Now with online MSME registration, the effort is also greatly reduced.
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