MSME SECTOR
Introduction:
1. The small scale sector has played a very significant role in the socio-economic development of India.
2. Planner recognized the importance of this sector soon after Independence and accordingly the sector was given a strategic position in the country's industrial policy. 3. The sector is now referred to as the Micro, Small & Medium Enterprises sector.
4. In accordance with the provision of Micro, Small & Medium Enterprises Development Act 2006 the micro, small and medium enterprises are classified into those engaged in manufacturing and those providing or rendering services. Both categories have been further classified as micro, small and medium on the basis of their investments in plants and machinery or in equipment.
5. In February 2018, the Union cabinet approved to bring in changes in the existing definition of MSMEs.
6. Accordingly, the changed definition was notified by the Government of India on June 1, 2020, the definition was proposed to be effective from July 1, 2020.
7. The following is the new definition of MSMEs
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