Empowering MSMEs: Digital Initiatives for Growth and Development

The Indian government has launched digital initiatives to support Micro, Small, and Medium-Sized Enterprises (MSMEs), helping them grow and compete. The Udyam Registration Portal has registered over 2.70 crore MSMEs, while the Public Procurement Policy facilitated procurement worth ₹11,842 crore+.

Empowering MSMEs: Digital Initiatives for Growth and Development
Thu, 27 Jun 2024

In recent years, the Indian government has launched several digital initiatives aimed at benefiting Micro, Small, and Medium-Sized Enterprises (MSMEs). These initiatives have been designed to provide support and resources to MSMEs, helping them grow and compete in today's fast-paced business landscape.

One such initiative is the Udyam Registration Portal, which has already registered over 2.70 crore MSMEs. This portal provides a platform for MSMEs to register online and access various benefits and services offered by the government. Additionally, the Public Procurement Policy has facilitated procurement worth ₹11,842 crore+ by Central Ministries/Departments/CPSES, providing MSMEs with increased opportunities for growth.

The Ministry of MSME has also launched the Micro & Small Enterprises Facilitation Council, which has disposed off 37,319 applications filed by MSMEs. This council provides a platform for MSMEs to resolve disputes and grievances related to delayed payments and other issues. Furthermore, the Champions Portal ensures grievance redressal and the Trade Receivables Discounting System (TREDS) provides invoice discounting facilities, making it easier for MSMEs to manage their finances.

The government's digital initiatives have also facilitated online registration, procurement, and grievance redressal through platforms like Udyam Registration Portal, Government e-Marketplace (GEM), and Champions Portal. These initiatives demonstrate the government's commitment to empowering MSMEs and creating a conducive business environment for their growth and development.

Published by Chronicles Of India. Scroll down to read more