Published on 07-02-24
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MICRO, SMALL & MEDIUM ENTERPRISES Definition of Micro, Small & Medium Enterprises In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified into two classes:
1. Manufacturing Enterprises:-The enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) or employing plant and machinery in the process of value addition to the final product having a distinct name or character or use.
2. Service Enterprises: - The enterprises engaged in providing or rendering of services
MSME Classification Composite Criteria: Investment and Annual Turnover
Micro: Investment less than Rs.2.5 cr. AND Turnover less than Rs.10 cr.
Small: Investment less than Rs.25 cr. AND Turnover less than Rs.100 cr
Medium: Investment less than Rs.125 cr. AND Turnover less than Rs.500 cr.
BENEFIT OF MSME REGISTRATION Registration of MSME is not mandatory but registration will help to take several benefits from government, some of which are:
1) Collateral free Loans from Bank
2) Bank Credit/Loan at lower interest rate
3) Statutory aid such as reservation in tenders etc
4) Subsidy in IPR Registration
5) Eligible for Industrial Promotion Subsidy
6) Credit Linked Capital Subsidy
7) Helps in getting Government tenders
8) Compensation of ISO Certificate expenditure etc
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