What is the full form of MSME
MSME: Ministry of Micro, Small and Medium Enterprises
MSME stands for Ministry of Micro, Small and Medium Enterprises. It is a branch of Govt. of India that deals with the formulation and administration of rules, regulations, and laws related to micro, small and medium enterprises in India.
Sustainable development of globally competitive micro, small, and medium enterprises as the major contributors to the Indian economy.
To promote the development of micro, small and medium enterprises, including khadi, village and coir industries to create new enterprises and generate more employment
Long Term Goal:
To promote manufacturing base in the country by improving the performance of MSME through skill and entrepreneurship development.
Different countries use different criteria to define the micro, small, and medium enterprise. In India, the micro, small, and medium enterprises are defined under the section 7 of the Micro, Small, and Medium Enterprises Development (MSMED) Act 2006 and on the basis of capital invested in plant and machinery except the investment made in land and building.
Criteria for Manufacturing Enterprises:
Criteria for Service Enterprises:
See the table for better understanding: