MSME stands for Micro, Small and Medium Enterprises. Such entities are dealing in the manufacturing or service sector defined by their size and investment. The Govt. Of India provides various subsidies, tax benefits and loans to the MSME holders to promote their development.
Micro, Small and Medium Enterprises (MSME) Registration provides benefit to the individual/companies who fall under the investment limit decided by the Government. The registration is meant for the entities dealing in the manufacturing or service sector.
Any business entity (sole proprietorship, partnership, OPC etc.) can apply for the MSME certificate; however; there are different investment limits for the applicants. It is also known as Udyog Aadhar Registration and can be done in both online and offline mode.
MSME databank is a comprehensive live digital database that captures senses data online, information regarding joint ventures, technology transfer and import-export of machinery. It’s an exhaustive database of MSMEs. This database is introduced by the Government to help offices to purchase from MSMEs under Public Procurement Policy of Government of India. Thus, MSMEs enrolled under the MSME databank are now qualified to avail services associations and elements directly from the Government.
The Govt of India made it mandatory of MSMEs to furnish information related to their businesses to the government through this databank to path a way for new schemes in a better way. The salient features of MSME databank are:
To register for MSME databank, you simply have to go on their website and fill the form if you have Udyog Adhaar Memorandum.
In case you do not have UAM, then you have to first apply for it from www.udyogadhaar.gov.in using your ADHAAR/PAN no.
After enrolling in Udyog Vihaar, you can complete your databank details
After filling the form, you need to submit it. On successful submission, you will receive a user name and ID which will help you in logging into the databank portal for editing/updating your enterprise details on self-certification basis.
With the govt of India launching new schemes for the MSME sector, is beneficial in the growth of the economic sector of the country at a large scale. With MSME databank scheme, it is beneficial in many ways by providing a digital platform for storing data, thus saving more time and manual labour and making India digitally empowered by widening the horizon for the Make in India Scheme