MSME refers to micro, small and medium enterprises and businesses that fall into one of these three categories. SMEs are the backbone of the economy and the engine of economic growth, promoting equal development for all. Therefore, to support and promote SMEs, the Indian government through various grants, programs, and incentives, promotes SMEs through the MSME Law. To enjoy the benefits of the MSME Law with the central or state government and the banking sector, MSME registration is required.
Micro, small and medium enterprises in the manufacturing and services sectors can obtain MSME Registration under the MSME law. Although the registration of SMEs is not valid, it is beneficial for companies to provide them with various benefits such as eligibility to lower interest rates, exemption schemes, tax subsidies, electricity tariff subsidies, investment subsidies, and other supports.
Micro, small and medium enterprises (SMEs) account for almost 8% of the country’s GDP, 45% of manufacturing output and 40% of exports. They provide most of the employment after agriculture.
They are incubators for entrepreneurship and innovation. They are widely distributed throughout the country and produce a wide range of products and services to meet the needs of local markets, global markets, and national and international value chains.
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