MSMEs have constantly been producing/servicing for the last four years. Let us discuss the criteria for applying for MSME Awards.
The Ministry of Micro, Small, and Medium Enterprises created the National MSME Awards in 1983 to recognize outstanding achievements in the MSME sector in Entrepreneurship (Manufacturing & Services), Product Quality, Innovation, Exports, and Lean Manufacturing Techniques. The awards are also granted to state and local government agencies that deal with the MSME sector for their outstanding efforts to promote and grow MSMEs in their jurisdiction. You can get the MSME awards after doing the MSME registration online.
Eligibility for MSME Awards
Throughout the year, deserving Micro, Small, and Medium Enterprises having a Udyog Aadhaar Memorandum will be recognized (UAM). MSMEs will register with MSME Databank at www.msmedatabank.in before submitting their application. Even if they have previously obtained UAM, MSMEs must register with MSME Databank.
Periodicity for MSME Awards
The awards will be given to deserving entrepreneurs who manage Micro, Small, and Medium Enterprises with permanent MSME registration online and have filed an Entrepreneurs Memorandum Part-II with the authorities notified by respective State Governments/UT Administration by the provisions of the Micro, Small, and Medium Enterprises Development (MSMED) Act. 2006, which went into effect on October 2, 2006. MSMEs must have been continually producing/servicing for at least three years, i.e., 2007-08, 2008-09, and 2009-10.
Criteria for MSME awards
The Manufacturing MSMEs will be assessed utilizing the Evaluation and Awarding Marks. Consider the following important factors:
- MSME investment, employment, production, and profit growth rates
- Technology choice and implementation
- Export
- Innovation/diversification
- Harmonization
- Technique for inventory management
- Production procedures and online inspection/in-house testing
- Quality Control Procedures
- Customer Service
- Environmental protection control techniques
- Measures to Boost Employee Morale
- Compliance with ISO-9000 Series/Equivalent Quality Systems
- Having Leadership Qualities
- Strategic Initiatives
There are several awards and categories in the MSME National Award
India’s Micro, Small, and Medium Enterprises (MSMEs) have experienced tremendous growth and improvement in quality production, exports, innovation, and product and process development during the last five decades. Many formerly imported goods can now be manufactured owing to entrepreneurial efforts.
Indian entrepreneurs are incredibly creative and innovative in new items and processes and deliver unique services to remain competitive in local and worldwide markets. It is now possible to encourage and promote such innovative ideas and their spirit for the greater good of MSMEs’ qualitative development. The Ministry of MSME recognizes these entrepreneurs’ achievements and provides them with support and encouragement by presenting national awards.
Award categories include Women Entrepreneurship, SC/ST entrepreneurs, “Divyang” entrepreneurs, entrepreneurs from NER states, and prizes for institutional assistance to MSMEs. There are a total of 44 awards. A trophy, certificate, and prize money ranging from Rs. 1-3 lakhs will be included in the enterprise awards. Eligible MSMEs must apply online for the award category they are interested in. An organization may enter several award categories.
MSME award winners may let their employees wear labels, pins, ties, logos, or other identifying badges with the Awards symbol and the year of award inscription. Entrepreneurs may also use the mark on their letterheads or advertisements that highlight the award year. Section 10(17) of the Income Tax Act of 1961 exempts the cash rewards from taxation.
Total rewards for MSME units are three. The winners get a certificate and a monetary prize of ₹2,50,000, ₹1,50,000, and ₹1,00,000, respectively, for first, second, and third.
- ₹50,000/- and a certificate for women business owners
- ₹50,000/- and a certificate for entrepreneurs with disabilities
- For National MSME Awards Scheme for ST/SC firms, ₹50,000/- and Certificate Documents are required.
Certificates which is required for MSME awards
The Udyam Registration Number
- The Udyam Registration Number Registration DataBase will provide the system with all of the Unit’s information (which will be cross-checked with the data to be filled in by the Unit for Financial Parameters).
Environmental Clearance Certificate
- The National MSME Award requires an industrial/fire/explosive license from the competent authorities.
- The exemption certificate must be signed and filed if the unit is exempt from Environmental Clearance.
Social Security Norms (ESI/PF)
- The ESI/PF Social Security Norms require the submission of challans. A signed declaration or exemption certificate must be supplied if the unit is exempt.
Certificates of Excellence
- The applicant must produce an online declaration stating that they are not facing any criminal accusations, tax liabilities, or other commitments.
- A certificate certifying that all bank accounts are in good standing as of the application’s filing date is also required for MSME units.
MSME Accreditation
MSMEs, or micro, small, and medium enterprises, are the backbone of every rising economy. The Indian government established the MSMED Act to encourage and develop MSMEs via various subsidies, programs, and incentives. To get advantages under the MSMED Act from the Central or State Governments and the Banking Sector, Udyog Aadhar or MSME registration online is required.
Any company that falls into one of these three categories is a micro, small, or medium business (MSME). MSME businesses are the backbone of every economy and the driving force behind progress, ensuring that everyone benefits from it. MSME businesses are frequently more labour-intensive than large organizations, providing substantial job opportunities at a low cost of capital. MSME accounts for a large portion of India’s industrial output and exports. It also makes a significant contribution to the expansion of the industrial economy.
In their exemption announcements, the Banking Laws, Excise Law, and Direct Taxes Law have all utilized the phrase MSME. Consequently, the certificate issued by the registering agency is considered evidence of MSME status and must be used to receive MSMEs’ advantages when you do the MSME registration online.
Conclusion
MSMEs are essential to the Indian economy. This industry has been crucial to the country’s economic growth, boosting exports and providing many job opportunities for the unemployed, recent graduates, and underemployed. It also increased the chances of banks giving further loans to SMEs. The government should prioritize MSME: https://msme.gov.in/ by enacting better regulations and enabling financial institutions to provide more loans at lower interest rates to ensure the sector’s long-term viability.
Read more,
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Udyam Registration mandatory for MSME
- MSME Udyam Registration Web-Portal
