Popular MSME Schemes in India: Helped Many Small-Scale Businesses

Micro, Small & Medium Enterprises, MSME full form, are among the vital employment-generating sectors of the country. MSMEs have been responsible to create around 45% of employment in the industrial sector of India. 

Also, the fact it has had a substantial impact on India’s export has encouraged the government and finance to institutions formulate schemes to promote their development.

MSME owners need to be aware of the various schemes and their terms to benefit from them accordingly.

For instance, the Prime Minister’s Employment Generation Programme or PMEGP is a credit-linked subsidy scheme implemented by the Khadi and Village Industries Commission or KVIC at the national level. The scheme is designed to encourage unemployed youngsters to become self-employed by starting a venture in the non-farm sector.

Similarly, the Startup India scheme is a government initiative that aims to promote entrepreneurial skills among individuals like SCs, STs and women. The said scheme provides financial assistance ranging between Rs.10 lakh to Rs.1 crore to the eligible applicants.

Likewise, the Entrepreneurship Skill Development Programme was formulated to encourage the youth to become self-employed. The scheme is said to be most beneficial for women, SCs, STs, BPLs and differently-abled, among others.

Those not qualifying for such schemes or seeking higher financing can easily opt for business loans from NBFCs at competitive interest rates.

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