Micro
Investment less than Rs. 1 crore Turnover less than Rs. 5 crores
Vibrant India Economic Council is an emerging non-profit association that represents a diverse range of MSMEs, namely individuals, manufacturers, traders, service providers, rural and cottage industries, independent professionals, consultants, sportsman, artists and other entities.
Self-reliance, sustainability, affirmative action, skill training, and women entrepreneurship is our primary goal with an objective to contribute to the growth of the Indian economy and facilitate it become one of the largest economies in the world.
BUYERS/SELLERS
MEET
INVESTORS
MEET
MENTORSHIP AND
GUIDANCE
SEMINARS AND
CONFERENCE
"VIEC aims to facilitate and mentor Indian MSMEs to enable them to generate the higher revenues and per capita income for India, thus propelling India into its rightful place as one of the largest and most vibrant global economies."
Micro, Small and Medium Enterprises (MSMEs) are the backbone of the Indian economy, accounting for a significant share of the country's industrial production, employment, and exports. The sector comprises enterprises engaged in manufacturing, processing, or preservation of goods as well as providing services, with an investment in plant and machinery or equipment up to Rs. 50 crore and an annual turnover up to Rs. 250 crores.
MSMEs in India are classified into three categories as micro, small and medium enterprises, which operate into two brief activities namely Manufacturing and Services. Manufacturing enterprises are engaged in the production or manufacture of goods, while Service enterprises are engaged in the provision of services. The government has defined the classification criteria based on their Turnover Investment, in plant and machinery or equipment.
Investment less than Rs. 1 crore Turnover less than Rs. 5 crores
Investment less than Rs. 10 crore Turnover up to Rs. 50 crores
Investment less than Rs. 50 crore Turnover up to Rs. 250 crores
As per the latest available data, there are over 63 million MSMEs in India, employing over 110 million people contributing upwards of 30% to the country's GDP. The sector is a key driver of growth and plays a crucial role in the country's economic development. It provides employment across the country contributing to social-economic development of all sections of society.
The Indian government has undertaken several initiatives to promote the growth of the MSME sector. These include schemes like the Prime Minister's Employment Generation Program (PMEGP), Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), National Small Industries Corporation (NSIC), Technology Upgradation and Quality Certification (TEQUP), Credit Linked Capital Subsidy Scheme (CLCSS), Cluster Development Program (CDP), and others.
One of the challenges that MSMEs face in India is access to adequate & timely finance. Banks and financial institutions have traditionally been hesitant to lend to MSMEs due to their perceived higher risk profile. However, the Government's focus on promoting the sector has led to an increase in lending to MSMEs in recent years.
One of the major challenges that MSME’s face is being unaware of the business progression and allied regulations. First time entrepreneur struggles with the question where should he begin from. An entrepreneur willing to set up a manufacturing unit, needs proper guidance from the very basic starting point of selecting location of his unit.
Apart from above, MSMEs also face other challenges such as technology adoption, manpower availability, marketing, and regulatory compliances. To address these challenges, the Government has launched several initiatives and schemes, but many are not aware of existence of the schemes, the benefits they entail and the boost they provide.
I am really pleased to see the range of specialist on a single form. This certainly looks like a Single Point Solution to all the issues faced by MSME Sector.
Thank you VIEC
Biggest question in the current business scenario is:-
Where to begin ?
I found all my answers at Vibrant India Ecnomic Council.
