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Micro, Small, and Medium Enterprises (MSMEs) form the backbone of India's economy, contributing significantly to employment and GDP. MSME registration provides businesses with various benefits, including government subsidies, lower interest rates on loans, and easier access to credit.
The application process for MSME registration is online and can be completed through the Udyam Registration portal. Businesses need to provide details such as Aadhaar number, PAN card, and GST details. Once registered, they receive a unique Udyam Registration Number (URN) and certificate.
MSME registration is crucial for small businesses as it offers tax exemptions, protection against delayed payments, easier government tenders, and financial assistance through various schemes. It enhances business credibility and helps in growth and expansion.