Small Scale Industries (SSI) are those in which manufacturing, production, and service delivery are done on a small or micro scale. These industries make a one-time investment in machinery, plant, and equipment that does not exceed Rs.10 crore and has an annual turnover of less than Rs.50 crore. These businesses must adhere to the guidelines established by the Government of India.
Characteristics of SSI
Ownership
SSIs are typically owned by a single entity. It can be a partnership or a sole trader.
Management
In general, the owner/owners are in charge of both management and control. As a result, the owner is actively involved in the day-to-day operations of the business.
Labor Intensive
SSI is not overly reliant on technology. They tend to rely on labour and manpower in their industrial activities.
Flexibility
SSIs are more adaptive to changes in their corporate environment. Hence, unlike huge industries, they are adaptable and resilient in the face of changes or unforeseen events.
Limited Reach
Small-scale industries have a limited operating area so that they can meet local and regional demand.
Resources Utilisation
They use locally available and readily available resources, allowing the economy to fully utilise natural resources with minimal waste.
Objectives of SSI
The objectives are:
● To increase the number of jobs available
● To help the economy’s rural and less developed regions
● Reduces regional imbalances
● Makes the best use of the country’s resources
● Improve people’s lives
● Ensure income and wealth equality
● Curbs down unemployment
● Obtaining self-reliance
● Adopting cutting-edge technologies to produce better products at cheaper costs
Registration of SSI
The MSME facilitates SSI registration through the State Government’s Directorate of Industries. A company should register as an SSI to qualify for various government programmes, subsidies, and other benefits. It is also online. An SSI registration is required to start new SSIs in India. SSI registration entitles the firm to numerous government perks.
● SS Registration for SSI / MSME via the Internet which will be used just like in Udyam. See the online registration process for SSI / MSME:
● Navigate to the Udaym Registration portal and select “For New Entrepreneurs who are not yet Registered as MSME or those with EM-II.”
● Fill in your “Aadhaar Number” and “Entrepreneur Name” and then click the “Validate and Generate OTP” button.
● You will be sent an OTP to your mobile phone. The PAN verification screen will open when you enter OPT. Enter your PAN and click the “PAN Validate” button.
● The Udyam Registration page will be displayed. Fill in all of your personal and industry information, such as industry name, address, bank account information, and some general information, and then click the “Submit and Get Final OTP” button.
● The MSME registration is now complete and a reference number will display. After registration, the MSME Registration Certificate is issued.
An individual SSI registration allows a person to be registered in multiple industries. Aadhar and PAN numbers are required for SSI registration. There are no registration fees to pay.
Conclusion
SSIs are the lifeblood of the economy, particularly in emerging countries such as India. SSIs are an important segment of the economy, both financially and socially, because they aid with per capita income and resource utilisation. Visit here to know more about Cin Number.
