MSME stands for Micro, Small, and Medium Enterprises. These are businesses that operate at a smaller scale than larger corporations and are a crucial component of the Indian economy. In India, MSMEs are classiﬁed based on their investment in plant and machinery or equipment for manufacturing or service-related activities.
As per the revised deﬁnition notiﬁed by the Ministry of Micro, Small and Medium Enterprises in June 2020, businesses with an investment of upto Rs.50crore and turnover of upto Rs.250crore are considered as MSMEs.
MSMEs contribute signiﬁcantly to India's economic growth, providing employment opportunities to millions of people across the country. They play a crucial role in promoting entrepreneurship, innovation, and equitable growth. The Government of India has various schemes and policies to support MSMEs, including credit facilities, skill development, technology upgradation and marketing support.
It is important to note that economic conditions and data can change over time, so for the most up-to-date information on the current state of MSME growth in India, We recommend checking recent reports from reputable sources such as the Reserve Bank of India (RBI), Ministry of Micro, Small, and Medium Enterprises, or other government and ﬁnancial institutions.
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