BGVB Seva Scheme

Micro Small and Medium Enterprises (MSMEs) are crucial for the economic growth and stability of any country and play a vital role especially for Indian economy as they facilitate economic activity and provide employment to the vast section of the society and thus contributing to poverty reduction. MSME sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. It contributes significantly in the economic and social development of the country by fostering entrepreneurship and generating largest employment opportunities at comparatively lower capital cost, next only to agriculture. MSMEs are complementary to large industries as ancillary units and this sector contributes significantly in the inclusive industrial development of the country. The MSMEs are widening their domain across sectors of the economy, producing diverse range of products and services to meet demands of domestic as well as global markets. Keeping in view of the importance of MSME in Indian Economy, Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, on June 16, 2006 which was notified on 2nd October, 2006. It facilitates the promotion, development and also enhances the competitiveness of Micro, Small and Medium Enterprises.

Further, under MSME Segment, Service industry plays very vital role in all most all the sectors of the economy. Besides, services sector boost export as well by exporting services to many countries and thus help in bringing foreign exchange to our county which facilitate India becoming developing country to the developed country.

Keeping in view of the importance of the above, need is being felt to have specific scheme for Service Industries under MSME Segment. Hence, a dedicated scheme has been approved by the competent authority for financing to this segment under the name of BGVB SEVA SCHEME