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2010-11-30

Incentive plan to cheer MSMEs

Govt. steps ahead to encourage through various schemes

Incentive plan to cheer MSMEs

The Ministry of Micro, Small & Medium Enterprises (MSMEs) has introduced various incentive schemes to encourage MSMEs to adopt good corporate governance practices.

Launched with the purpose of encouraging MSMEs to adopt good corporate governance practices for improving their competitiveness, reducing operational risk factors, overcoming barriers to trade, successfully meeting the challenges of globalization, accessing lower cost of finance, for creating awareness among them for strengthening of accounts and audit procedures, transformation of company’ structure, resource management, training and statutory corporate governance rating, etc, it has attracted one-time financial incentive (up to Rs. 45,000 per MSME unit) to acquire company’s structure by adopting corporate governance or Limited Liability Partnership (LLP) framework.

Further, in order to extend Marketing Assistance & Technology Upgradation in Packaging, the Government plans to bring about modern packaging technology in different sectors.

This includes Bakery Products, Food Processing, Fruit & Vegetables, Marine Foods, Edible Oil, Mango Processing, Fish Processing, Banana Processing, Alphonso Mango, Grape Packing, Fish/Plant Processing to quote a few.

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