MSMEs – Dental practice and beyond
In India, MSMEs form the backbone of economy contributing to of employment and exports. Dental practices have been granted with MSME (Micro, Small & Medium Enterprises) by Govt. of India. National Industrial Classification 2008 (NIC-2008) Code 86202 is used for dental practice activities. This inclusion shall benefit dental practitioners. As dentistry being considered under MSMEs there are several opportunities to grab. It will not only empower individual dental practices but also will lead to development of dental industry. Production of indigenous goods and equipments may get a big boost. Investments in Research & Development of dental equipments can reduce import of goods thereby reducing the cost for dental practitioners.
Types of MSME
Based on Revised MSME Classification & Composite Criteria:
- Micro enterprises: A firm with investment up to Rs. 1 crore with annual turnover up to Rs. 5 crore.
- Small enterprises: A firm with investment up to Rs. 10 crore with annual turnover up to Rs. 50 crore.
- Medium enterprises: A firm with investment up to Rs. 20 crore with annual turnover up to Rs. 100 crore.
MSME status – Benefits for dental practitioners
MSMEs are offered with several benefits and perks time to time through various policies of Government of India. These are some handpicked benefits that may help the dental practitioner:
- Collateral free cheaper bank loans
- Benefits in tax rebates
- Industrial promotion subsidy for purchase of newer equipment
- Protection against delayed payments – MSME Act 2006 specifies 45-day credit period for the recipient of any goods or services to pay to the MSME supplier.
- Helps innovators with the implementation of their new design or ideas by Govt. financing of 70-80% of the project cost.
- There are many government tenders which are only open to the MSMEs.
- Businesses registered under MSME are given higher preference for government license and certification.
How to register ?
Registration has to be done with MSME/Udyog Aadhar. It can be done in two ways online or offline. For online registrations log on to HTTPS://UDYOGAADHAAR.GOV.IN/. Guidelines for Filing the Online Udyog Aadhaar Form available on the website before filling up registration form.
Dentistry and Atmanirbhar Bharat
Make in India
India is a major educational hub for dentistry. There are nearly 347 dental colleges in India which produces 25,000 – 30,000 dentists per year. Over 3,00,000 dentists are presently working in India. As per records there are around 1,50,000 dental clinics and 15,000 – 20,000 dental labs supporting them. Investment and maintenance costs are major challenges faced by private dental practitioners. The reason being, around 95 % of the dental equipments, dental materials worth 300 thousand crore (approx) are imported from foreign countries like Korea , China , Israel , Japan ,Europe and USA. This calls for ‘Make in India’ campaign to throw light on making India a major manufacturing hub of dental equipment and materials. This will in turn generate employment opportunities too.
Indian Dental Association conducted webinar on Revolutionize Dental Practice. Implications of dental practices being considered under MSMEs were discussed. It was chaired by Shri Nitin Gadkari, Hon’ble Minister for Road Transport and Highways, Micro Small and Medium Enterprises, Government of India. Here are key take away points for the dental fraternity.
- Research and development in the field of Dental Engineering in collaboration with centers of excellence such as the IIT and Regional Engineering Colleges.
- Incubation of technology, innovation, and Research centers for Dental Sciences.
- Collaboration with international companies to start joint venture manufacturing of dental equipment & products in India under Atmanirbhar Bharat Abhiyan.
- A model that will require nominal capital investment for the production of good quality Indian products that could be accessible at a cheaper rate.
- Dentists can train paradental staff and thereby providing authorised certification for the same.
- Train paradental staff and generate employment
- Proposal for inclusion of dental procedures under the Ayushman Bharat scheme
- Government of India shall work on National Oral Health Policy and School Oral Health Policy
Dentistry as a part of healthcare sector has seen tremendous advancements in terms of technology. Dental practitioners can procure indigenous products at affordable price. By availing various benefits from Government schemes, dentists can empower their practice to tide with testing times.