Several small businesses are getting benefits from the latest industrial policy published by the Gujarat government. Several incentives and subsidies are supporting businesses to invest more in the manufacturing and other operations of the business. Several talukas have multiple benefits where the business owners get direct benefits. The industrial policy shared by the Gujarat government promotes businesses on a global level and stimulates sustainable development. The government has decided to provide direct benefits to the MSMEs and increase the shares of state GDP.
The current industrialization policy is so beneficial for the business owners that can enhance the revenue of the business on a global scale. Recently the Gujarat government is thinking to increase the MSME business by introducing an MSME award for the business. It will strengthen the micro, small, and medium enterprises and their manufacturing will get an instant boost. The government will analyze the quality, production, innovation, and employment to award the MSMEs that will motivate them to increase production on a global level.
For startups, the government has introduced the best MSME startup program under the industrial policy in 2020. The startups will also get several benefits in the schemes, and their modal will be appreciated on an international level.
The Gujarat government has introduced the “scheme for awards to MSMEs” with the latest industrial policy.
- The name of the scheme is given as “Scheme for Awards to MSMEs” by the government.
- The scheme is for five years from the date of commencement, i.e., 07/08/2020. The businesses will get benefits till 2025.
Now let’s check what type of industries can take benefit of the schemes and understand them properly.
Micro, Small and Medium Enterprises- The business should follow the regulations set by the government for Micro, small, and medium enterprises according to the definition given in the MSME development act 2007. The business should register with Udhyog Aadhar Memorandum or Udyam registration.
- The business should be operable for at least three years, and continuous production or supply should be active from these three years.
- The businesses should have all the clearances to perform the business, and all the applicable licenses should be there.
State awards for Best MSME
- Different awards for micro, small and medium enterprises-
- There are three awards in each category for MSMEs.
- Hike in production and profit.
- All the measures are there to prove the quality and not affecting the environment.
- Technological advancement and innovations.
- There is prize money of 2 lakhs for the winners that will strengthen their business. Also, they will get an appreciation letter from the government with a trophy.
Awards for Commercial startups MSMEs
The winner will get the prize money of 2 lakh rupees, a trophy, and the appreciation letter.
What will be the procedure of the scheme?
There are several things the government will introduce every year.
- The MSME commissioner will offer schemes through local newspaper advertising every year. The awards groups will be notified by the widely spread advertising media and newspapers.
- The MSME commissioner will release the application and procedure for these schemes, and businesses can check these out while registering their business.
- There will be the constitution of a committee that will check the procedures and applications of the business.
- After the registration, the selected businesses will be announced by the MSME commissioner.
The MSME startup will get only one award in each category; there are not several awards for the startups in the industrial policy 2020.
Who will sanction the budget?
The government has decided on a budget head to sanction the amount of the schemes. The budget head will grant the amount to the commissioner.
We at SDS Fin Advisory LLP are engaged in the field of Project Finance, MSME Loan, Working Capital, Unsecured loan and Government Subsidy work since 20 years. We provide best service with most satisfactory result in timely manner. We have more than 1000 happy clients. Feel free to contact us on 848596003 or firstname.lastname@example.org.