Chandigarh plans to register 30,000 more MSMEs

Chandigarh is taking steps to boost its micro, small, and medium enterprises (MSMEs) by hiring a private agency. The goal is to add at least 30,000 more MSMEs in the city. This initiative will also connect these businesses with the central government through a dedicated online portal for accessing necessary services. The decision comes after an internal survey showed that Chandigarh has potential for more MSMEs. Last year, the central government provided Rs 43 crore to support the city's efforts to strengthen its MSME sector. Local officials see this initiative as a way to improve the business environment and make it easier for enterprises to access government assistance. Currently, Chandigarh has 56,455 MSMEs according to outdated data from 2015-16. The latest figures from the Udyam Portal indicate there are about 50,575 registered MSMEs, showing some progress in formalisation. However, many informal businesses still operate outside the system, missing key opportunities that come with formalisation. Officials emphasize the importance of formalisation for MSMEs. When businesses become formal, they can access government schemes, financial support, and other benefits like tax exemptions. This is crucial for creating a competitive and stable economic landscape in Chandigarh. One significant program, known as RAMP (Raising and Accelerating MSME Performance), will help facilitate this formalisation process. RAMP aims to provide support through outreach, education, and assistance in formal registration. By using digital platforms like Udyam Portal, the program helps local businesses take advantage of government incentives and build long-term success.