MSME Schemes under the Ministry of MSME, Govt. of India

elaborated by

Vice Chairman, Committee on MSME & Startup, ICAI

CA (Dr.) Raj Chawla is a partner with RCA & Co. LLP, Chartered Accountants, situated at 712, New Delhi House, Barakhamba Road, New Delhi-110001 and practicing as CA since 1992 in the field of Income Tax, Auditing, Cost Audit, XBRL

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His qualifications-

Chartered Accountant. Company Secretary, Cost Accountant, DISA, LLB, MICA, MIMA, Peer Reviewer, PhD. International Finance, ASA (Australia), B Com (Hons.).

Social Background:

Central Council member of ICAI (2022-25) Chairman NIRC of ICAI, (2015-16).

Management Committee Member of Delhi Management Association (DMA), New Delhi

President Rotary Club Delhi Vivek (2018-19) President Lions Club Delhi Aishwarya (2010-11) President Krishna Sant Foundation (NGO), New Delhi.

Introduction

The Government of India has introduced MSME or Micro, Small, and Medium Enterprises in agreement with Micro, Small and Medium Enterprises Development (MSMED) Act of 2006. These enterprises primarily engaged in the production, manufacturing, processing, or preservation of goods and commodities.

MSMEs are an important sector for the Indian economy and have contributed immensely to the country’s socio-economic development. It not only generates employment opportunities but also works hand-in-hand towards the development of the nation’s backward and rural areas. There are approximately 10 crore MSME in India as on date.

REVISED CRITERIA OF MSME

With the effect from 01/07/2020, the definition of the new MSME is as follows:

🞄 Manufacturing unit

Sector / Industries covered under MSME’S

🞄 Service Sector

🞄 Retail Traders *(w.e.f. 02-07- 2021 for Limited Benefits)

*Note: “Benefits like subsidy on patent registration, tax exemption, protection against delayed payments, electricity bill concessions, reimbursement of ISO

assistance from the

certification (cost), marketing and promotion

government, technology up

gradation support to name a few are not available to traders,”

Liability of buyer to make payment

Section 15

🞄 Liability of buyer to make payment.—Where any supplier, supplies any goods or renders any services to any buyer, the buyer shall make payment

therefor on or before the date agreed upon

between him and the supplier in writing or, where there is no agreement in this behalf, :before the appointed day (i.e within 15Days from the date of acceptance)

🞄 Provided that in no case the period agreed upon between the supplier and the buyer in writing shall exceed forty-five days from the day of acceptance or the day of deemed acceptance.

Date from which and rate at which interest is payable

Section 16

🞄 Date from which and rate at which interest is payable.—Where any buyer fails to make payment of the amount to the supplier, as required under section 15, the buyer shall, notwithstanding anything contained in any agreement between the buyer and the supplier or in any law for the time being in force, be liable to pay compound interest with monthly rate to the supplier on that amount from the appointed day or, as the case may be, from the date immediately following the date agreed upon, at three times of the bank rate notified by the Reserve Bank.

Section 17

🞄 Recovery of amount due.—For any goods supplied or services rendered by the supplier, the buyer shall be liable to pay the amount with interest thereon as provided under section 16.

Liability of Buyer to make the Payment to MSME

^🞄 The buyer shall make payment to the supplier

🞄 On or before the date agreed upon between them in writing. The agreed date in no case can be of maximum 45 days from the date of acceptance.

🞄 Where there is no agreement in this behalf, before the appointed day; i.e., 15 days from the date of acceptance.

^🞄 Without considering or referring anything in any agreement or in any law, where the buyer fails to make payment to the supplier as mentioned above, he shall be liable to pay compound interest with monthly rests on that amount from the appointed day or as the case may be from the next day of the date agreed upon at three times of the bank rate notified by Reserve Bank of India.

^🞄 The disputes in respect of any amount due (principal or interest), shall be referred to Micro and Small enterprises Facilitation Council.

Application for setting aside decree, award or order.

🞄 Application for setting aside decree, award or order.

No application for setting aside any decree, award or other order made either by the Council itself or by any institution or centre providing alternate dispute resolution services to which a reference is made by the Council, shall be entertained by any court unless the appellant (not being a supplier) has deposited with it 75% seventy-five per cent of the amount in terms of the decree, award or, as the case may be, the other order in the manner directed by such court:

Provided that pending disposal of the application to set aside the decree, award or order, the court shall order that such percentage of the amount deposited

shall be paid to the supplier, as it considers reasonable under the circumstances of the case subject to such conditions as it deems necessary to impose.

🞄 Disclosure of the amount of interest paid u/s 16 of this Act, along with the amounts of payments made to the supplier beyond the appointed day during each accounting year.

Disclosure of Interest Payable in Audited Financial Statement

🞄 Principal amount and the interest due thereon remaining unpaid to any supplier at the end of the financial year to be separately disclosed/furnished.

🞄 Disclosure of the amount of interest due and payable for the period of delay in making payment which have been paid but, beyond the appointed day during the year.

🞄 Disclosure of the amount accrued and remaining unpaid at the end of each accounting period; i.e., principal is paid but interest has remained unpaid.

🞄 Disclosure of the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to small enterprise, this is required for the purpose of disallowance as a deductible expenditure.

Disclosure of Interest Payable in Audited Financial Statement

^🞄 The prescribed particulars in respect of the amounts which are outstanding to such suppliers being micro/small enterprises who are registered under the Act have to disclosed under Schedule III of the Companies Act, 2013 [erstwhile Schedule VI of the Companies Act, 1956]

^🞄 Disclosure Format:

^🞄 (b) in Division II, in Part I- Balance Sheet,- (i) under the heading “Equity and Liabilities”, for the words “Trade payables” at both the places where they occur, the following shall be substituted, namely:— “Trade Payables.

^🞄 (A) total outstanding dues of micro enterprises and small enterprises; and

^🞄 (B) total outstanding dues of creditors other than micro

enterprises and small enterprises.

^🞄 Besides the disclosure of the interest due/paid to such enterprises is also required to be disclosed in Form 3CD being the statement of particulars required to be furnished under Section 44AB of the Income Tax Act, 1961.

^🞄 Income Tax department has last amended the 3CD report by inserting a New Clause 17A after Clause 17 by NOTIFICATION NO. 36/2009, DATED 13-4-2009 which require auditors to report Amount of interest inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.

🞄 The provisions of Sections 15 to 23 with respect to payment to micro, small and medium enterprises, provision and payment of interest, disclosure in

Overriding Effect

annual accounts, etc. shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force.

• Any person who intends to establish a micro, small or medium enterprise may file Udyam Registration online in the Udyam Registration portal, based on self-declaration with no requirement to upload documents, papers, certificates or proof.

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• On registration, an enterprise (referred to as “Udyam” in the Udyam Registration portal) will be assigned a permanent identity number to be known as “‘Udyam Registration Number”.

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• An e-certificate, namely, “Udyam Registration Certificate” shall be issued on completion of the registration process.

Registration Process

1. The form for registration shall be as provided in the Udyam Registration portal.
2. There will be no fee for filing Udyam Registration.
3. Aadhaar number shall be required for Udyam Registration.

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• The Aadhaar number shall be of the proprietor in the case of a proprietorship firm, of the managing partner in the case of a partnership firm and of a Karta in the case of a Hindu Undivided Family (HUF).

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• In case of a Company or a Limited Liability Partnership or a Cooperative Society or a Society or a Trust, the organisation or its authorised signatory shall provide its GSTIN and PAN along with its Aadhaar number.

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• In case an enterprise is duly registered as an Udyam with PAN, any deficiency of information for previous years when it did not have PAN shall be filled up on self-declaration basis.

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• No enterprise shall file more than one Udyam Registration: Provided that any number of activities including manufacturing or service or both may be specified or added in one Udyam Registration.

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• Whoever intentionally misrepresents or attempts to suppress the self- declared facts and figures appearing in the Udyam Registration or updation process shall be liable to such penalty as specified under section 27 of the Act.

Updation of information and transition period in classification.

1. An enterprise having Udyam Registration Number shall update its information online in the Udyam Registration portal, including the details of the ITR and the GST Return for the previous financial year and such other additional information as may be required, on self declaration basis.

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• Failure to update the relevant information within the period specified in the online Udyam Registration portal will render the enterprise liable for suspension of its status.

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• Based on the information furnished or gathered from Government’s sources including ITR or GST return, the classification of the enterprise will be updated.

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• In case of graduation (from a lower to a higher category) or reverse- graduation (sliding down to lower category) of an enterprise, a communication will be sent to the enterprise about the change in the status.

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• In case of an upward change in terms of investment in plant and machinery or equipment or turnover or both, and consequent re- classification, an enterprise will maintain its prevailing status till expiry of one year from the close of the year of registration.

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• In case of reverse-graduation of an enterprise, whether as a result of re- classification or due to actual changes in investment in plant and machinery or equipment or turnover or both, and whether the enterprise is registered under the Act or not, the enterprise will continue in its present category till the closure of the financial year and it will be given the benefit of the changed status only with effect from 1st April of the financial year following the year in which such change took place.

MSMSE UDYAM REGISTERATION PROCESS AND BENFITS

Fueling the Indian economy, MSMEs stand as its bedrock.

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With a democratic ethos and widespread economic participation, the Indian government prioritizes their promotion.

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Points to remember:�

1. Udyam registration is free and paperless and on self-declaration basis.
2. After completion of the process of registration, a certificate is generated online and a unique identity number known as “Udyam Registration Number” will be issued.
3. This certificate has a dynamic QR code, from which the web page on the Portal and details about the enterprise can be accessed.
4. Only one Registration of Udyam can be done. But more activities can be added in registration.
5. There is no need for renewal of the certificate.�

NIC code-1 for crop, animal production with exceptions

NIC Code 02- Forest and Logging

NIC Code 03 – Fishing and aquaculture

NIC Code 92- Gambling and betting activities NIC Code 97 – Activities of households as employees for domestic personnel

NIC Code 98- Activities of private households for own use

NIC Code 99 – Activities of extraterritorial organization and bodies

1. There is no option of offline filing of application

2. All business units under same PAN will be treated as one enterprise and turnover and investment figures for all of such units will be considered together for aggregate values

Activities ineligible

for

MSME Registration

Conclusion:

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Unlock the full potential of your MSME through the UDYAM registration process and harness a plethora of benefits offered by the government.

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From financial advantages to preferential treatment in procurement, this comprehensive guide empowers businesses to thrive in the competitive landscape.�

1. The new registration process is online, paperless and fully based on self declaration.
2. No need of any kind of document for registering under Udyam.
3. A business can be registered just based on the Aadhaar card.
4. Benefits while applying for Government tenders.

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• Extended Tax Benefits : Only for registered MSMEs, Carry forward of credit of minimum alternate tax (MAT) u/s 115JB can be utilised / set off upto 15 years, instead of 10 years, which is the standard for other entities.
• Subsidy on the interest rate of bank loans upto 1.5%
• Subsidy on Patent and Barcode registration.
• Eligibility for Industrial Promotion Subsidy (IPS) subsidy.

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• 15% Import Subsidy is granted to MSME’s when they applied for Bank Loan for purchase of Fully Automatic Machinery.
• MSME’s are free to exhibit there products at Exhibitions organized all over India,

the entire cost of stalls will be paid by Central Government.

9. Concession on electricity bill payments.

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• Bank loans are provided without any collateral up to 5 Crores w.e.f 01.04.2023.

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• Export are now free from the calculation of the turnover of enterprise

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• As per Finance Act 2023, amount payable to MSME for more than 45 days will be disallowed under section 43B of Income Tax Act.

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• There is no need for Tax Audit of MSME’s having turnover up to 10 Crores u/s 44AB provided Cash Receipts & Payments are less than 5% of Gross Receipts. Otherwise general limit is Rs. 1 Crore

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• MSME Small Traders/Professional can take the benefit of Presumptive Tax Scheme u/s 44AD/44ADA up to Turnover of Rs. 3 Crores/75Lkhs, provided Cash Receipts are less than 5% of Gross Receipts, Otherwise general limit is Rs. 2 Crores/50 Lakhs.

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• An entrepreneur protected against delayed payments for material or services supplied : In case any registered MSME has provided goods/services to another business, if the payment hasn’t been received within 45 days, then Govt empowers those MSMEs to charge compound interest on the delayed payments, every month. And this interest to be paid is three times that of approved RBI interest rates.

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• It encourages ease of doing business and creates new opportunities for business

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• All those MSME’s that register them as Startup Business will get Tax Exemptions for 3 years with certain limitations.

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• Platform for global international trade fair : Entrepreneurs can now become a part of the International Trade Fair, if Product is capable of International trade.

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• Free ISO Certification : In case a registered MSME can get ISO certification, then the Govt of India promises to reimburse the entire fees of ISO registration. Unregistered MSMEs cannot avail themselves of this reimbursement.

Facilitation and grievance redressal of enterprises

1. The Champions Control Rooms functioning in various institutions and offices of the Ministry of Micro, Small and

Medium Enterprises including the Development Institutes (MSME-DI) shall act as Single Window Systems for facilitating the registration process and further handholding the micro, small and medium enterprises in all possible manner.

2. The District Industries Centers (DICs) will also act as Single

Window facilitation Systems in their Districts.

3. Any person who is not able to file the Udyam Registration for any reason including for lack of Aadhaar number, may approach any of the above Single Window Systems for Udyam Registration purposes with his Aadhaar enrolment identity slip or copy of Aadhaar enrolment request or bank photo pass book or voter identity card or passport or driving license and the Single Window Systems will facilitate the process including getting an Aadhaar number and thereafter in the further process of Udyam Registration.
4. In case of any discrepancy or complaint, the General Manager of the District Industries Centre of the concerned District shall undertake an enquiry for verification of the details of Udyam Registration submitted by the enterprise and thereafter forward the matter with necessary remarks to the Director or Commissioner or Industry Secretary concerned of the State Government who after issuing a notice to the enterprise and after giving an opportunity to present its case and based on the findings, may amend the details or recommend to the Ministry of Micro, Small or Medium Enterprises, Government of India, for cancellation of the Udyam Registration Certificate.

🞄 Central Government had introduced several

How MSME’s can take Business loan ?

schemes for MSME’s :

🞄 Credit Guarantee Fund trust for Micro and Small Enterprises (CGTMSE): New and existing MSME’s can get loan up to 5 Crores without any guarantee.

🞄 Prime Minister’s Employment Generation

Programme (PMEGP): Loan under this scheme is

available up to 25 lacs MSME’s starting new

business or expanding there old one will only get

this benefit. For more info you can visit

kviconline.gov.in

🞄 Stand-Up India Scheme: Under this Scheme loan is available up to 1 Crore for only Women irrespective

of Fact that she belongs to Scheduled Cast, Scheduled Tribe, Other Backward Class or General Class , either starting New Business or expanding there old business. For more info: you can visit standupmitra.in

🞄 Aadhaar Card of Directors

Documents needed for Loan Application

🞄 PAN Card of Company and its Directors

🞄 Property Papers

🞄 Rent Agreement (If property is on rent)

🞄 Cancelled Cheque

🞄 Registration Certificate of Company

🞄 Sale / Purchase Bills

🞄 Address proof of Business / Company

1) The Government has taken a number of recent initiatives to support MSMEs in the country, which inter alia include:

1. Rs. 5 lakh crore Collateral Free Automatic Loans for business, including MSMEs.
2. Rs. 50,000 crore equity infusion through MSME Self- Reliant India Fund.
3. New revised criteria for classification of MSMEs.
4. No global tenders for procurement up to Rs. 200 crores.
5. "Udyam Registration" for MSMEs, for Ease of Doing Business.
6. Launching of an online Portal "Champions" in June, 2020 to cover many aspects of e-governance including grievance redress and handholding of MSMEs.
7. Inclusion of Retail trades as MSMEs w.e.f. 02nd July,

2021.

8. Non-tax benefits extended for 3 years in case of an upward change in status of MSMEs.

MSME & Key Changes in Budget 2023

TAX BENEFITS PROVIDED TO MSMEs AND STARTUPS

in Budget 2023

🞄 The threshold limits for the presumptive taxation scheme are increased from Rs.2 crores to Rs.3 crores for eligible businesses to promote non-cash transactions and ease compliance. This increased limit will apply only in the case the aggregate of the amounts or amounts received in cash during the

year does not exceed 5% of the total gross

turnover/receipts.

🞄 The Budget 2023 provides an option to pay tax at a

concessional rate of 15% for a new co-operative

commencing production

society established on or after 01/04/2023,

or manufacture by

31/03/2024 and does not avail of any specified deduction or incentive subject to compliance of

terms and conditions given in the Rules.

TAX BENEFITS PROVIDED TO MSMEs AND STARTUPS

in Budget 2023

1. The Budget 2023 provided relief to startups by giving the benefit of carry forward of losses on a change of shareholding of startups from seven years to ten years. The condition of continuity of a minimum of 51% shareholding to set off of carried- forward losses is relaxed for eligible startups if all company shareholders continue to hold those shares.
2. Certain startups are eligible for tax benefits if they are incorporated before 01/04/2023. The period of incorporation of such eligible startups for receiving tax benefits is extended by one more year, i.e. 01/04/2024.
3. The Budget 2023 proposed to include payments made to MSMEs within the ambit of Section 43B of the Income Tax Act, 1961, to promote timely payments to MSMEs. Thus, a deduction for such payments will only be allowed when it is actually paid. It will be allowed on an accrual basis only when the payment is made within the time prescribed under the Micro, Small and Medium Enterprises Development Act.

The Ministry of Micro, Small and Medium Enterprises (MSME), Government of India (GoI) has adopted the Cluster Development approach as a key strategy for enhancing the productivity and competitiveness as well as capacity building of Micro and Small Enterprises (MSEs) and their collectives in the country.

A cluster is a group of enterprises located within an identifiable and as far as practicable, contiguous area or a value chain that goes beyond a geographical area and producing same/similar products/complementary products/services, which can be linked together by common physical infrastructure facilities that help address their common challenges.

Micro and Small Enterprises Cluster Development Programme (MSE-CDP)

(i) To supportthesustainabilityand growthof MSEsby addressingcommonissuessuch asimprovementof

technology,skills& quality,marketaccess,etc.

2. To buildcapacityof MSEsforcommonsupportiveactionthroughformationofselfhelpgroups,

consortia,upgradationofassociations,etc.

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3. Tocreate/upgradeinfrastructuralfacilitiesin the new/existingIndustrialAreas/Clustersof MSEs.

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• To setup CommonFacilityCenters (fortesting,training,rawmaterialdepot,effluenttreatment, complementingproductionprocesses,etc.).

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• Promotionofgreen& sustainablemanufacturingtechnologyforthe clusterssoas toenable unitsswitch

tosustainableand green productionprocessesand products.

Objectives of

MSE-CDP

Micro and Small Enterprises Cluster Development Programme

MSME SAMADHAN SCHEME, 2017 FOR DELAYED PAYMENT BY BUYER

1. MSME Samadhaan is an online portal where MSMEs can file their applications online regarding delayed payments. The application can be made by the supplier MSE unit against the buyer of goods/services before the concerned Micro & Small Enterprises Facilitation Council (MSEFC) of his/her state or union territory.
2. Only for Micro & Small Enterprises. (Medium not included)

3. This is an online facility for Micro & Small enterprises to seek solution to the payment of Invoice raised by them.

4. Penal Interest is paid on monthly compounding basis & such Interest rate at 3 times of bank rate.

5. You can file application even against a govt agency.
6. Application filed online, then forwarded by the portal to concerned MSEFC for action.
7. Case will be settled by the MSEFC within 90 days.

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• Documents has to be attached in online application. Order copy, Invoice & claim statement.

Overview of Govt.

Initiatives on MSMEs

MSME sector is the growth driver of economy not only for India but for the whole world as well. Besides reducing the scale of poverty, these enterprises are major contributors to employment generation and GDP.

For instance, Domestic MSMEs make 33% of India’s GDP. This figure is much higher for the world where MSMEs’ contribution is 50% of global GDP and 70% of total employment. Obviously, India has great scope to expand its MSME sector. And therefore, the Government of India places great emphasis on promotion of the sector with a spate of affirmative action, entrepreneur-friendly policies, and financial support.

MSMEs are the backbone of the Indian economy, contributing approximately 33% of the country’s GDP (Gross Domestic Product), 45% of manufacturing output and providing employment to 11 crores of India’s population. The Government of India has been proactive to ensure that all the benefit of these MSME schemes reaches to the MSMEs in time.

The Union Budget 2022-23 focuses on ease of doing business for MSMEs. The most important measures include:

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• Emergency Credit Line Guarantee Scheme (ECLGS) has delivered additional credit to more than 130 lakh MSMEs. The ECLGS will be extended up to March 2023 expanding the guarantee cover by INR 50,000 crore to a total cover of INR 5 Lakh Crore.
• INR 2 lakh crore additional credit for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).
• Raising and Accelerating MSME performance (RAMP) programme with an outlay of Rs 6,000 crore to be rolled out.
• Udyam, e-Shram, National Career Service (NCS) and Aatma- nirbhar Skilled Employee Employer Mapping (ASEEM) portals will be interlinked. They will now serve as portals with live, organic databases, delivering G2C, B2C, and B2B services relating to credit facilitation, skilling, and recruitment.

PM EMPLOYMENT GENERATION PROGRAMME AND OTHER CREDIT SUPPORT SCHEMES

DEVELOPMENT OF KHADI, VILLAGE AND COIR INDUSTRIES

TECHNOLOGY UPGRADATION AND QUALITY CERTIFICATION

OTHER SCHEMES AND PROGRAMMES

PrimeMinisterEmploymentGenerationProgramme(PMEGP)-Setupwithanaimtocreateemployment opportunitiesforMSMEsinthecountry,thePMEGPis implementedbyKhadiandVillageIndustriesCommission (KVIC)atthenationallevelwhileatthestateanddistrictslevel,itisimplementedbyStateKVICDirectorates,StateKhadi andVillageIndustriesBoards(KVIBs),DistrictIndustriesCentres(DICs)andbanks.

CreditGuaranteeTrustFundforMicro& SmallEnterprises(CGTMSE)-EstablishedbyM/oMSMEandSmall IndustriesDevelopmentBankofIndia(SIDBI)toprovidecollateralfreeloans(uptoINR1 cr)toindividualMicro andSmallEnterprises(MSEs).

InterestSubsidyEligibilityCertificate(ISEC)-Theschemewasintroducedasa fundingmechanismforkhadi programmeundertakenbykhadiinstitutionsinthecountry.Itmobilisesfundsfrombankinginstitutionswithanaimto fillthegapsbetweenavailabilityoffundsfrombudgetarysourcesandtheactualfundrequirements.

PM EMPLOYMENT GENERATION PROGRAMME AND OTHER CREDIT SUPPORT SCHEMES

SeveralschemeshavebeenlaunchedforthedevelopmentofMSMEsoperatingundertheKhadi,Village andCoirIndustriesinthecountry.Theseincludethefollowing:

1. MarketPromotion&DevelopmentScheme(MPDA)
2. RevampedSchemeofFundforRegenerationofTraditionalIndustries(SFURTI)- 3.CoirVikasYojana(CVY)
4. ExportMarketPromotion(EMP)
5. DomesticMarketPromotion(DMP)
6. TradeandIndustryRelatedFunctionalSupportServices(TIRFSS)
7. WelfareMeasures(PradhanMantriSurakshaBimaYojana(PMSBY)

DEVELOPMEN T OF KHADI, VILLAGE AND COIR INDUSTRIES

TECHNOLOGY UPGRADATION AND QUALITY CERTIFICATION

Financial Supportto MSMEs in ZEDCertification Scheme - Supportingthe ‘Make in India’ initiative, theaimoftheschemeis to inculcate Zero Defect & Zero Effect (ZED) practicesin manufacturingdone by Indian MSMEs. Underthescheme, the Government of India (GoI) provides up to 80% subsidy to MSMEs.

A Scheme for PromotingInnovation, Rural Industry& Entrepreneurship(ASPIRE)– The

mainobjectivesof theschemeare to:

1. Create new jobs
2. Promote entrepreneurship
3. Boosteconomic developmentat grass root level
4. Facilitate innovative businesssolutions
5. Promote innovation
6. National Manufacturing CompetitivenessProgramme (NMCP)- An umbrellascheme

which aids MSMEs

The M/o MSME also covers many otheraspects such as Marketing & Promotion,Skill Development, Infrastructure Development and Policy Researchfor providing a wholistic frameworkof schemes to aid MSMEs. This includes the following:

1. Marketing PromotionSchemes
2. Entrepreneurshipand Skill DevelopmentProgramme
3. Infrastructure DevelopmentProgramme
4. Schemeof Surveys, Studies and Policy Research
5. NationalSC-ST-HUB
6. Schemeof Information,Educationand Communication
7. Schemeof Fund for Regenerationof Traditional Industries (SFURTI)
8. A Schemefor Promotionof Innovation, Rural Industriesand Entrepreneurship

(ASPIRE)

OTHER SCHEMES AND PROGRAMMES

AsubstantialportionofChartered Accountantsis spread acrossthe country,practicingas Members in Practice.The accountingprofessionhas a deep reachand connectstothe MSMEsectoras Practitionersare thetrustedfinancialadvisorofMSMEsprovidinga variety ofservicesincluding projectfinancing,workingcapitalmanagement,assetmanagement,exportpromotionsadvice, budgetaryforecasts,financialmodeling,preparing standardoperatingprocedures,assessingthe design and operativeeffectivenessofinternalcontrolsbesides regular accounting,auditingand taxationservices.

It isperhaps for thisreason;the professionunderstandsthe pulse ofthesectorand can providean able ecosystemforthe developmentof MSMEsin India.

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ICAI MSMEExchange:

The ICAI MSMEExchange is conceptualizedtofacilitatea robustplatformforvalue creationin variousdimensionsvitalforthe developmentand sustainabilityof MSMEs.

The platformoffers excellentnetworking,knowledgesharing,skilldevelopment,query resolution

opportunitiesand expert guidancetothe constituentsof the MSMEecosystem.

ICAI role towards MSME

Withthe objectiveof CapacityBuilding ofMSMEs& Start-up,the Instituteis responsivetothe emerging challengesof MSMEs& Start-upsand constitutesthe CommitteeonMSME& Start-upsfor effectivelymeetingnewer challenges.

The Instituteof CharteredAccountantsof India (ICAI)has launched a 75-day-longMSMEYatra programmefrom MumbaitosupportMSMEsin scalingup and capacitybuilding.

The ICAIMSMEYatraaimstocoordinate,synergize and leverage thevariousstrandsofexcellence

driving innovationand entrepreneurship,saidthe statementfromICAI.

Tocommemorate75yearsofIndianindependence,theprogrammeis organizedbytheICAIand supportedbyMSMEMinistry,SmallIndustriesDevelopmentBankof India(SIDBI),NationalSmallIndustries CorporationLimited(NSIC)andStateBankof India(SBI).

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TheYatrawasheldduringthecourseoffourmonths–August,September,October,andNovember– markingitsendonNovember18,2022.

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TheYatraVehiclewilltravelformorethan14,000kms covering75citiesoftheWestern,Northern,Central,

Eastern,andSouthernpartsofthecountrytoshowcasetheMSMEecosystem.

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ICAI’sinitiativewillprovidea platformforimprovingMSMEsaccess toknowledge,credit,andmarketing competitiveness.

The Committee on MSME & Start-up of the Institute of Chartered Accountants of India (ICAI) entered into the INDIA BOOK OF RECORDS for covering MSME Programmes in the maximum number of cities during ICAI MSME Yatra & Setu.

ICAI MSME YATRA

ENTERS

INDIA BOOK OF RECORDS

FOR MAXIMUM PROGRAMMES

IN

MAXIMUM CITIES

CA (Dr) Raj Chawla FCA, FCS, FCMA, LLB, DISA, MIMA MICA, DISA, ASA(Aust) B.Com(Hons.)

712, New Delhi House, 27, Barakhamba Road, New Delhi-110001

Ph. 9811081083

Email: rajchawlaca@gmail.com