MSME Stands for Micro, Small and Medium Enterprises it facilitates development & promotion of enterprises through various benefits & schemes. Small enterprises play an essential role in improving the economy of any country. To encourage new and existing companies/businesses, the Government of India has launched numerous programs to help small and medium-sized enterprises to grow. To take advantage of all those beneficial schemes, you need to obtain your MSME registration. The MSME registration is also known as the Udyam registration.
# Micro MSME Enterprises:- It is an enterprise whose invESIment is < INR 1 crore and annual turnover is < INR 5 crores.
# Small MSME Enterprises:- It is an enterprise whose invESIment is < INR 10 crore and annual turnover is < INR 50 crores.
# Medium MSME Enterprises:- It is an enterprise whose invESIment < INR 20 crore and annual turnover is < INR 200 crores.
If someone wants to avail benefits from Central or State Government and the Banking Sector then MSME Registration is required.
It is governed by MSMED Act 2006 in India under the Ministry of Micro, Small and Medium Enterprises.
Due to the COVID-19 crisis, the Government has introduced the Atmanirbhar Bharat Relief Package. Under this Government has given certain reliefs to Indian MSMEs:-