MSME stands for Micro, Small and Medium Enterprises and such other enterprises which falls under these three categories. MSME’s are the backbone of the Indian economy as it provides employment to a large number of youth. As per Confederation of Indian Industry (CII) MSME sector has created 13.5 million to 14.9 million new jobs. It is an optional Registration under the MSMED Act that provides Micro, Small and Medium sized enterprises with lots of benefits of Central or State Government Schemes, Subsidies, credit and loan facilities and other incentives.
MSME have two categories –
- Manufacturing Enterprises
- Service Enterprises.