Some of the key reforms introduced by Ministry of MSME are:
- Revision of MSME definition: Government of India approved the upward revision of MSME definition on 1st June 2020 under the Aatmanirbhar Bharat Package. The Government revised the MSME classification by inserting composite criteria of both investment and annual turnover.
- Udyam Registration: Udyam is an online and simplified procedure of filing of registration which enables MSMEs to obtain registration without any documentation and fees.
- Champions Portal: It is an ICT based technology system aimed at making the smaller units big by solving their grievances, encouraging, supporting, helping and handholding throughout the business lifecycle. The platform facilitates a single window solution for all needs of MSMEs.
- National SC-ST Hub (NSSH): National SC-ST Hub has been launched to promote entrepreneurship culture in the SC-ST community and fulfill the 4% procurement target mentioned in the Public Procurement Policy order, 2018.
- Self-Reliant India (SRI) Fund: The scheme is expected to facilitate equity financing of Rs.50,000 crore in the MSME Sector. The infusion of equity will provide an opportunity to get MSMEs listed in stock exchanges.
- Procurement Policy: For providing marketing support to MSEs, all Central Ministries/Government Departments and CPSEs are required to procure 25% of their annual requirements of goods and services from MSEs including 4% from MSEs owned by SC/ST and 3% from MSEs owned by women entrepreneurs under the Public Procurement Policy.
- Establishment of Enterprise Development Centers (EDCs): Till date Ministry of MSME has set up 102 EDCs across India. The aim of these centers is to build a network of entrepreneurial leaders by providing professional mentoring and handholding support services to existing as well as aspiring MSMEs with special focus on rural enterprises on continuous basis.
