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Small and medium enterprises are the backbone of the Indian Economy. MSME stands for Micro, Small and Medium Enterprises. MSME Department is a department of Central Government, established under The Micro, Small and Medium Enterprises Development Act, 2006. The Act was enforced with a view to promote the small scale Businesses and provide the benefits those are available to large scale Businesses through providing various subsidies, incentives and schemes. SSI/MSME Registration is mostly recommended in order to claim various benefits. Below mentioned are the benefits and incentives availed to MSM Establishments registered under the Act: Subsidised Rates of Loan: The availability of Finance is easy and at lower cost. The banks tend to provide loans on lower rate of interest to the MSME. Preference for Government Tenders is also availed based on the registration certificate under MSME. Benefit for Trademark Application: The entities registered having MSME Department can avail rebate of 50% on Government Fees for Trademark Registration Application. The fees prescribed for Companies, LLP, Partnership Firm, etc. is Rs 9,000/-, for which rebate can be claimed based on MSME Certificate. Protection against delayed payment from Buyers is enjoyed due to this registration. The buyers are liable to make timely payment when accepted. A separate Council "Micro and Small Enterprises Facilitation Council" is established for timely resolution of disputes with the consumers. Following are other miscellaneous benefits and schemes: The Credit Guarantee Fund Scheme for Micro and Small Enterprises Market Development Assistance Scheme for Micro, Small & Medium Enterprises Technology & Quality up gradation Support for MSMEs Government Subsidy for Small Business for Cold Chain Power tariff subsidies, excise exemption regulations, capital investment subsidies, and several other benefits Additionally, there are various other benefits declared by Central Government from time to time wit

Oil prices continued their upward trend for the fourth consecutive day on Tuesday on expectations that the US Federal Reserve will cut interest rates for the first time in more than ten years to support the growth in demand for fuel in the country.

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