MSME - Benifits
As per the MSMED (Micro, Small and Medium Enterprises) ACT-2006 there are two classes of MSME which are as follows - Manufacturing Enterprises - These are the enterprises which are engaged in the production and manufacturing of goods and merchandise or help in value addition in the final product by employing plant and machinery. Service Enterprises- These is the enterprises engaged in rendering or providing services, the categorization of the enterprises are based on the investment in the plant and machinery. 2. Classification of Micro, Small and Medium Enterprises This classification has been amended by the finance minister Mrs. Nirmala Sitharaman in the latest stimulus of 3lakhs crores announced on 13th May, 2020. 3. Contribution in the Indian Economy It contributes significantly in terms of economic growth and GDP of the country. Some of the contributions made by the MSME sector in the economy are -: Contribution in country GDP- With more than 36.1 million units throughout the count