MSME stands for Micro, Small, and Medium Enterprises. It was introduced by the Government of India in agreement with the MSMED (Micro, Small, and Medium Enterprises Development) Act of 2006. As per this act, MSMEs are the enterprises involved in the processing, production, and preservation of goods and commodities.
Functions:
MSMEs work to improve the lives of employees and artisans. They assist them by providing jobs, loans, various subsidies, schemes, incentives, and other services. MSMEs provide banks with credit limits or financing assistance. They encourage the growth of entrepreneurship as well as the upgrading of skills by establishing specialized training centres.
Benefits:
MSME is the backbone of our country for supporting all the financial needs for all kind of industries for their growth and development and it is also an engine of economic growth, promoting equitable development for all. The Government of India, promote MSMEs through the MSMED Act.
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