BY ROBIN GHOSH ,
ECONOMIST AND BUSINESS MENTOR
KOLKATA, 28 JUNE 2024:
It is strange – that small business owners – who are so meticulous about daily cash inflow and outflow are so blind about what resource support systems are available from the Government Schemes.
A large section of small business owners have no appetite for information nor ideas for technological sweep.
The chartered accountants who guide them often have short knowledge about the latest schemes and incentives provided by State and Central Government and Financial Institutions.
Here is a quick attempt to describe how small businesses can benefit from Udyam Schemes.
1 Prime Minister’s Employment Generation Programme.
Financial assistance to set up self- employment projects in rural and urban areas. Subsidies ranging from 15% to 35%. for projects in non- farm manufacturing sectors. Cost limit Rs.50 lakhs. For projects in non- farm services sectors cost upto Rs. 20 lakhs.
2.Credit Guarantee for Micro and Small Enterprises.
Credit guarantee is provided to micro enterprises for loans up to Rs. 5 crores without collateral or third party guarantee .
3 Entrepreneurship and Skill Development Programmes.
The objective is to promote new enterprises, build capacity for existing MSMEs, and infuse entrepreneurial culture.The schemes cover existing and aspiring entrepreneurs.
4 International Cooperation Scheme.
Under the scheme ,MSMEs receive support for export marketing in the form of participating in international fairs and also receiving funds to pay for stalls, air fares etc.
Startups and Small Enterprises must take advantage of schemes outlined above.
Apart from these schemes, there are many other relaxations under GST and Income Tax Acts.
So: Dear friends, get your units registered under Udyam. Go to www.msme.gov.in. Registration is free.Single-window system.
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