What is an MSME ?
The MSMEs play a vital role in the overall growth of industrial economy of the country. MSMEs come under the Ministry of Micro, Small & Medium Enterprises and are required to be registered to avail benefits under the Micro, Small and Medium Enterprises Development (MSMED) Act. MSMEs are classified based on their annual turnover. MSME registration is highly important, as it enables these enterprises in availing benefits from various government initiated schemes. MSMEs are classified in two categories, such as manufacturing and service enterprises.