With the advent of Indian youth skewed towards startups and the existence of MSMEs since 2001, the things are getting more organized and advanced. Being a young nation, India is turning out to be an overtly transforming nation. The government too is shy no more in introducing beneficial schemes for supporting MSMEs to exist and grow swiftly.
The Ministry of MSME too is working firmly to encourage MSM Enterprises engaged in the manufacturing and production, and processing or preservation of goods to realize entrepreneurs that starting up doesn’t cost an arm and a leg anymore.
Understanding MSME as per the Law: The Government of India has devised the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. In legal terms, the definition of micro, small and medium enterprises can be best understood as