What is Enterprise India? How will it help MSMEs?

Enterprise India is a month-long initiative of the MSME Ministry that will be held between April 27-May 27, 2022 to spread awareness about the schemes and initiatives of MSME Ministry.

Created On: Apr 28, 2022 16:53 IST
Enterprise India event inaugurated on April 27, 2022
Enterprise India event inaugurated on April 27, 2022

Union Minister for Micro ,Small and Medium Enterprises Narayan Rane inaugurated the Ministry’s Mega Event “Enterprise India” under the celebrations of Azadi Ka Amrit Mahotsav on April 27, 2022.

Enterprise India is a series of commemorative entrepreneurship development events and activities that will be organised between April 27 and May 27, 2022. The event is being held to promote entrepreneurship culture in the country and spread awareness about the schemes and initiatives of MSME Ministry.

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Enterprise India: Objective 

The key objective of enterprise India is to create synergy between the Industry Associations and various Ministries/Departments concerned. 

According to MSME Minister Narayan Rane, the interaction with the MSME industry Associations will bring out fruitful ways for existing schemes, policies and programmes to formulate relevant new initiatives in due course of time.

The Minister further highlighted the significant role that MSMEs play in promoting entrepreneurship and importance of Industry associations in making country a "Manufacturing Hub".

Enterprise India Activities

The Enterprise event aims to witness participation from the public and it will include key activities such as:

  • Conferences with Industry Associations
  • Entrepreneurship awareness programmes
  • Special campaigns on Udyam registration
  • Nukkad nataks on aspirational districts
  • Launch of MSME Sustainable Zed Certification Scheme
  • Conducting ‘MSME Expedition’ in several States
  • MSME Mega Convention and Exhibition

What is meant by MSME?

MSME stands for micro, small and medium enterprises, which form the backbone of any developing economy. 

How is MSME classified in India?

The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 to classify MSMEs on two factors, investment in plant and machinery and turnover of the enterprise.

The definition of MSME under the act is-

-A micro enterprise is where investment in plant and machinery does not exceed Rs. 25 lakh and annual turnover not more than Rs. 5 crore    

-A small enterprise is an enterprise where the investment in plant and machinery is more than Rs. 25 lakh but does not exceed Rs. 5 crore and annual turnover not more than Rs 50 crore.

-A medium enterprise is where the investment in plant and machinery is more than Rs 5 crore but does not exceed Rs 10 crore and annual turnover not more than Rs 250 crore.

What is the difference between MSME and Udyam registration?

MSME or Udyog Aadhaar registration has now been replaced with Udyam Registration. The Udyam Registration is the new process of registration of MSMEs that was brought into effect from July 1, 2020.

Background

The MSMEs are considered as growth accelerators, making a significant contribution to GDP and hence, it is pertinent to strengthen the structure. India aims to become self-reliant by developing the MSME sector. 

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