India’s MSMEs (Micro, Small and Medium Enterprises) form the lifeblood of the Indian economy, accounting for 30% of GDP, employing over 114 million people and contributing 50% of India’s exports. Digitization of MSMEs alone could add $158 to $216 billion to India’s GDP by 2024.
There has never been a better time to implement an MSME business than today. Private investments are increasingpolicy changes They have made it easier to start and run a businessFurther INFRASTRUCTURE INVESTMENTS IN INDIA Setting up multipliers for its businesses. Already adopted by billions of individuals and businesses Indian Stack It showcases India’s technological prowess and ushers in a new era of financial and social inclusion. While the population is aging rapidly in many developed countries, in the world’s largest countries India is the largest provider of human resources.
Harnessing the power of these businesses to achieve India’s $5 trillion economic ambition is clear. This is an ambition shared by the Quality Council of India (QCI). QCI helps India take its rightful place as a global leader by building a ready pipeline of businesses with integrity and the sustainable growth they bring. The key tenets of this objective came together to form the Zero Defect, Zero Effect (ZED) certification program under the Ministry of MSME. The ZED certification program aims at clear design for good development for people and planet.
Zero defect This means that Indian businesses must comply with high quality standards. This makes them more competitive and naturally increases their demand and reputation, not only in India but also abroad. As more and more Indian businesses achieve these standards, it will create a multiplier effect and make India synonymous with high quality, timeliness and integrity.
Zero effect means that Indian businesses will comply with aggressive green standards that place stringent demands on businesses to find ways to create high-quality goods and services while having zero adverse effects on the environment. As adoption grows, Indian businesses will set the benchmark for how to grow businesses in environmentally and economically sustainable ways.
While the ripple effects of this project will improve all Indian businesses, for MSMEs, the ZED project creates enormous potential for growth. Implemented in two phases, ZED certification is now products And Applicable to services. ZED certified MSMEs enjoy an assurance of quality, value and integrity in the minds of their customers, investors, suppliers and employees, allowing them to attract the best of them. This increases their ability to make decisions from a position of strength – which suppliers to contract with, who to hire or from whom to accept investments. Also, ZED certified MSMEs are often given priority in lending and are eligible for concessions on processing fees and interest rates from banks. They also often have excellent credit ratings.
Because their products and services are held to both high quality and sustainability standards, ZED certified MSMEs are making inroads into new markets and global markets, especially when exporting to the West. GOI facilitates participation in trade fairs and trade fairs in India and abroad by subsidizing stall fees, airfare and freight charges.
However, MSMEs do not have to wait to qualify for ZED certification to benefit from the scheme. The ZED certification process helps businesses understand their gaps and where they need to be as a business. QCI consultants work closely with businesses to conduct gap analysis, followed by hands-on and consulting to help them improve their assessments. As valuations improve, so does the resilience and power of the business.
Businesses can build strength through this. By reducing defects, rework and scrap; By improving productivity and first-time pass rates, that means their ROI is higher. On-time delivery and reduction of customer complaints help build brand value and goodwill, and, of course, drive repeat business.
In essence, quality opens doors.
The process for ZED certification is purposefully simplified. Here is its 5 step process:
- Free online registration and pledge by MSME
- Upload basic information and documents
- Desktop / Remote / Onsite assessment based on uploaded information
- Get the certificate and download the certificate from the app
- Get an incentive
Interested parties can start the process now, Here.
ZED certification has three levels – Bronze, Silver and Gold. MSMEs can apply for any of the certification levels, depending on their readiness. And to encourage MSMEs to apply, the Ministry of MSMEs has announced 80%, 60% and 50% subsidy for Micro, Small and Medium Enterprises respectively. MSME Ministry, State Governments, various Ministries, Financial Institutions and Banks etc. are extending incentives on a large scale. More details about the program and benefits Here can be accessed.
However, like all worthy achievements, ZED certification is not easy. The purpose of the ZED Maturity Assessment Model is to assess, validate and hand-hold MSMEs and take them to higher maturity levels to make them globally competitive. It is one of the most talked about. The GOI sees the ZED scheme as a lever through which the economy $5 trillion in 2026 and then $10 trillion in 2033 But it can be changed.
With the ZED project, QCI is leveraging its 25 years of experience in raising the bar on quality in India to create an ecosystem that allows MSMEs to tap into their potential with confidence.
To learn more about QCI and India’s Kunwatta Se Atmanirpardha initiative and the many ways it has impacted our lives, https://www.news18.com/qci/ Visit the
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