Boosting MSME and Start-Up Growth with Financial Incentives: Key BIS Amendments for 2023

The Bureau of Indian Standards (BIS), under the Department of Consumer Affairs, has issued an essential notification to provide substantial financial relief for India’s micro, small, and start-up enterprises. This notification, effective immediately, introduces crucial fee concessions designed to accelerate growth, promote innovation, and bolster economic sustainability within these sectors.

Key Changes to BIS Conformity Assessment Regulations for MSMEs and Start-Ups

In line with the latest amendments to Notification No. CMD-2/G-18, dated 24th May 2023, BIS has implemented the following fee concessions to benefit enterprises of all sizes:

1. MSME Fee Concessions: Micro, small, and medium enterprises (MSMEs) now receive a 20% concession on assessment fees.

2. Enhanced Concessions for Micro Enterprises: From now until May 31, 2026, micro enterprises will benefit from an 80% reduction in fees compared to large-scale enterprises.

3. Fee Concessions for Small Enterprises: Small enterprises will receive a 50% concession on fees through May 31, 2026.

4. Special Concessions for Start-Ups: Start-up enterprises will also enjoy an 80% fee concession until May 31, 2026, equivalent to the benefits offered to micro enterprises.

5. Additional Fee Concessions for Women-Led Enterprises: Women-led enterprises, whether micro, small, or medium scale, are eligible for an extra 10% concession on their fees until May 31, 2026.

Encouraging Innovation, Inclusivity, and Sustainable Growth

These amendments underscore BIS's commitment to fostering a dynamic, inclusive business environment. By reducing financial barriers for smaller and start-up enterprises, BIS aims to support entrepreneurship, drive innovation, and encourage sustainable growth across various sectors.

Conclusion: Empowering India’s Small and Start-Up Businesses

This initiative highlights BIS’s recognition of the vital role MSMEs and start-ups play in driving economic development and creating jobs. These expanded concessions will ease financial challenges, enabling enterprises to achieve greater success. For further details and to take advantage of these benefits, businesses are encouraged to review the updated BIS Conformity Assessment Regulations. Embrace this opportunity to contribute to India’s thriving entrepreneurial landscape.