Overview
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the
backbone of the economy. When these industries grow, the economy of the country grows as a whole and flourishes.
These industries are also known as small-scale industries or SSI’s.
Even if the Company is in the manufacturing
line or the service line, registrations for both these areas can be obtained through the MSME act. This registration
is not yet made mandatory by the Government but it is beneficial to get one’s business registered under this because
it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc.
The
MSME became operational on October 02, 2006. It was established to promote, facilitate and develop the competitiveness
of the micro, small and medium enterprises.