With the Indian economy showing signs of growth, there’s no denying that small and medium enterprises are playing a significant role in the country’s overall development. With the government fully supporting the sector, these businesses are more important than ever.
You must have heard about the numerous MSME projects in India. It could be overwhelming to figure out which project profile is right for you when you start looking for a project.
The Ministry of MSME, the nodal ministry for micro, small and medium enterprises in the country, has taken an unprecedented step toward developing MSMEs. The ministry has prepared a list of MSME project profiles in India. It gives an overview of each project and helps guide you through each business.
Also Read: Everything MSMEs Need To Know About GST
This blog will briefly describe various MSME project profiles recognized by the government and their key features.
MSME Project Profiles List
- Dairy Products
Dairy products are an essential part of any Indian diet, and it’s no surprise that MSMEs are making bountiful money in this sector.
The dairy products industry is a significant industry that produces dairy products like milk, ghee, buttermilk, and several other types of milk products. The total market value of all dairies in India was INR 11,357 Billion in 2020, and it is increasing with every passing year. This has resulted in high demand for dairy products and their related services.
- Steel Furniture
Steel furniture has been gaining popularity all over India. It is because of its cost-effectiveness and durability.
Moreover, India is the world’s second-largest steel manufacturer. This project produces economical stainless steel furniture and other home equipment, utilizing round pipes and stainless steel sheets that help entrepreneurs reap huge profits.
- Readymade Garments
Readymade garments is an industry that requires suitable fabrics of good quality to manufacture garments that can be fitted to different body types. The raw materials include an array of fabrics, related dye, and other accessories. The industry is among the most profitable industries, with a net profit of 3 LPA.
Also Read: Highlights of The MSME Budget 2022-23
- Flour Mill
Wheat flour is a basic need of every household. It’s a food necessity, so its market potential is enormous. Entering this industry has proven to be a lucrative opportunity for many entrepreneurs.
This project will give employment to many people and provide farmers with an option to sell their grains directly at the factory as against intermediaries, which results in a win-win game for farmers and entrepreneurs.
- Bakery Products
Bakery products are among the fastest-growing businesses in this era. Rising lifestyle expectations and society’s growing affluence have created a high demand for bakery products.
They offer a variety of items with distinct flavors, which makes them a top choice for consumers. When designing a bakery business plan, there are numerous products, but manufacturing each product requires special tools, knowledge, and adequate supplies that ensure your growth in this stream.
- Computer Assembling
As computers dominate our lives, more computer repair companies open shops each day. The business assists in assembling the different components of a damaged computer and making sure they are in top working condition. A computer assembly business would mean money in your pocket.
Also Read: Major Challenges Faced By The MSME Sector And Their Impacts
- Tomato Sauce Manufacturing Unit
Tomato ketchup manufacturing is a profitable business. It is a necessity in most kitchens and restaurants. There has been a massive increase in the demand for tomato sauce in the past years, and it does not seem to be slowing down. Tomato sauce pairs well with many different dishes and is commonly found in pizzas, sandwiches, burgers, and other junk food.
- Beauty Parlour
A beauty parlor is the other best investment opportunity you can find in terms of a business. They provide a comprehensive range of cosmetic procedures, including face peels, pedicures, hair cuts, and other beautification treatments. Beauty parlors use machinery instruments, making it easy to follow the latest trends.
- Metal-related Industries
The metal-based industries are in high demand with global agriculture, infrastructure, and manufacturing sectors to support their production activities.
Metal consumption has surged in recent years, resulting in a boom in the industrial and construction sectors. As a result, metal-based businesses like agricultural and construction equipment have also witnessed a similar trend.
- Desiccated Coconut Powder
India is among the leading producers of desiccated coconuts in the world. This agriculture segment contributes significantly to the Indian economy and employs many people.
Desiccated coconut powder is used in the baking industry, pet food and feed sector, confectionery, and dairy product manufacturing. India is the leading producer of desiccated coconuts. So, creating a desiccated coconut powder business will certainly yield massive profits in no time.
Also Read: MSME Schemes For Empowering Women Entrepreneurs
- Papad Manufacturing Unit
Papad manufacturing is a standard business for someone who has a minimal amount of capital to get started.
The papad manufacturing industry is among the biggest industries in India, and it is expected to grow further. They are thin flatbread made of green gram lentils, rice flour, pulse flour, salt, and roasted in oil without using any cooking gas.
- Notebook Manufacturing Unit
A notebook manufacturing unit is an innovative business that capitalizes on the demand for notebooks in India, with comparatively low production costs. It turns a decent profit, with revenues of around Rs. 60 lakh per year and profits of Rs. 14 lakhs per year.
- Palm Plate Manufacturing Unit
The palm plate manufacturing unit is a part of the small and medium-sized enterprise sector that serves the local economy. As businesses and people become more aware of the importance of environmentally friendly products, a new market has opened up that is involved in manufacturing palm plates.
These plates are hand-crafted from naturally fallen leaves that can be sold to wholesalers or local stores.
- Pickle Unit
The pickle industry has been of great importance to the economy of India. It has been primarily operational in rural areas. These businesses manufacture pickled products made out of various vegetables and fruits such as mangoes, grapes, lime, etc. Pickles or pickled foods are very popular in India because of their distinct/exclusive flavor and taste.
Over the years, the MSME sector has grown at an accelerating rate. It is now considered a vital part of the economy, and it’s estimated that the sector will generate employment more than ever.
No doubt, starting a small business has a lot of advantages. It is, nevertheless, critical to select the right business for you. It might be daunting to sort through the project profiles, but we hope that this guide should simplify it.