MSME Technology conclave Center to be set up in Sindhudurg

Tags: Science and Technology National News

Union Minister for Micro, Small & Medium Enterprises (MSME), Shri Narayan Rane announced the establishment of MSME-Technology Centre with an outlay of Rs. 200 Crore, in Sindhudurg, Maharashtra on 25 February 2022.

• The MSME-Technology Centre will provide the best of technology, incubation as well as advisory support to the industry, especially MSMEs, to enhance their competitiveness and provide skilling services for the employed and unemployed youth of the area to enhance their employability.

The minister also launched the Union MSME RuPay Credit Card of Union Bank of India in Sindhudurg at the two day MSME Conclave being held in the district from 25-26 February 2022.

•  The card is being offered by Union Bank of India in association with National Payments Corporation of India (NPCI).

•  MSME borrowers will be able to enjoy an interest-free credit period of up to 50 days on their business spends. The card also offers the EMI (Equated Monthly Installments )facility to the customers on their business-related purchases.  

The  two-day MSME Conclave (25 and 26 February) was organized in Sindhudurg by the Ministry of MSME. The Conclave aims to promote entrepreneurship and trade opportunities for MSMEs in the Konkan region by hand holding them in use of technology, product development and skilling.

Concept Clearing 

MSME (Micro Small and Medium Enterprises)

MSME (Micro Small and Medium Enterprises )

 The MSME has been defined by the ‘Micro, Small and Medium Enterprises Development Act, 2006 as amended in 2020.

The enterprises which are which are either in the business of  Manufacturing or providing service has been defined as Micro, Small , Medium enterprises on the basis of Investment in plant and machinery  needed for production of good (for manufacturing sector ) or services and Turnover (sales)

Micro Enterprises : where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees; 

Small Enterprise: where the investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees;

Medium enterprise, where the investment in Plant and Machinery or Equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.