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MSME registration is not mandatory, but registering will get you many benefits from the government. These benefits include credit at low interest rates, incentives on products for export, excise exemption, statuary aid such as reservations etc.
Benefits of MSME registration:
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Reservation policy - To ensure that a certain sector isn’t affected by competition in the market, the government provides exclusive rights to manufacture certain products only by that particular sector. This reservation supports MSMEs against the competition from other multinational companies.
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Under this scheme, MSMEs can get loans up to Rs. 50 lakhs without pledging collateral
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The government, under the Capital Aid for technological upgradation scheme, helps MSMEs upgrade their equipment through the latest technology by helping them get low interest loans from banks.
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Marketing assistance of products is also given to MSMEs, which do not fall under the Reservation Policy.
The government has also made it compulsory for large corporations to buy allied products only from these registered MSMEs. The benefits and support provided by both the central and state government are huge. These MSMEs are also provided with professionals, to help owners learn to run and operate the enterprise efficiently. You would be able to register your MSME through the Udyog Aadhar Memorandum portal.