Micro, small, and medium-sized businesses, usually referred to as MSMEs, are the backbone of the Indian economy, accounting for 30% of its GDP. MSMEs provide employment to approximately 130 million people in the various sectors such as manufacturing and trading, making them the second largest employer after agriculture in the country.
The MSME ministry has recognised that if India is to chart overall economic progress, the economy must expand at least 10% each year over the next ten years. In order to achieve this in practice, industries must be pushed to grow rapidly, infrastructure must be constructed to accommodate this growth, and people must be trained and made employable to keep up with the increased demand for workers.
To encourage and develop the MSME sector, the government has introduced several new initiatives, schemes, subsidies, and support systems for the MSME entrepreneurs across the country. A range of government portals has been established with the goal of offering support to the MSME sector on all fronts. Let’s explore the detailed explanations of the following government portals.
My MSME portal provides access to a number of mobile apps and helpful resources that are particular to MSMEs. For the benefit of small business owners, 27 services have been gathered one one platform for more flexible service availability and to provide every piece of necessary information for the entrepreneurs. Various My MSME android apps are available for download through Google Play.
The Ministry of MSME has taken the initiative to allow the supplier MSE unit to file an online application against the buyer of goods or services before the relevant MSEFC of his or her State/UT. Any micro or small business with a valid Udyog Aadhar (UAM) may submit an application. After reviewing the complaint submitted by the MSE unit, the State's MSEFC will give the buyer unit instructions about the payment of the overdue sum plus interest in accordance with the MSMED Act 2006's provisions.
To file an online application the small business owners have to register online via the MSME SAMADHAN portal (samadhan.msme.gov.in) and the status of the filing can also be monitored online.
The MSME Sambandh site provides MSMEs with a wonderful opportunity to list their products and services for use by government organisations. According to the public procurement policy, at least 25% of all public agencies must purchase goods and services from MSMEs. Small business owners can visit MSME Sambandh portal to validate their company's existence and register as a seller on the portal. MSME sambandh makes it convenient for small enterprise owners to access information about available tenders and participate in them.
CHAMPIONS which stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength is the MSMEs' single-window system. This portal supports MSMEs in terms of finances, raw supplies, labour, permits, etc. Additionally, it enables MSMEs to capitalize on fresh opportunities in the manufacturing and service industries.
A network of control rooms using a hub-and-spoke model is built as part of the system. The hub is located in the secretary's office for MSME in New Delhi. The spokes are located throughout the states in different ministry offices and institutions. The system has so far been implemented in 66 state-level control rooms.
Kinara Capital, an RBI registered Systemically Important NBFC in India, aims at empowering the MSME sector. The gathered information above about useful Government portals for MSMEs is another initiative from Kinara to provide the small business owners with compiled knowledge to access the digital tools they need to progress in their entrepreneurial journey. Kinara also provides collateral-free business loans to MSME business owners to grow their businesses.
MSME owners can check their business loan eligibility in the myKinara app in 1 minute, which is available for download in the Google Playstore and has a provision for the customers to choose their preferred vernacular from 7 language options including, Hindi, Kannada, Gujarati, Marathi, Tamil, Telugu, and English. Kinara is serviceable in 4500+ pincodes and with its doorstep facility goes from decision to disbursement in 24 hours.