Description

MSME stands for Micro, Small and Medium Enterprises. … In a developing country like India, MSME industries are the backbone of the economy. When these industries grow, the economy of the country grows as a whole and flourishes.

Proprietorships, Hindu Undivided Family, Partnership Firm, One Person Company, Limited Liability Partnership, Private Limited Company, Limited Company, Producer Company, any association of persons, co-operative societies or any other undertaking can obtain MSME registration in India.

MSMEs provide credit limit or funding support to banks. They promote the development of entrepreneurship as well as up-gradation of skills by launching specialized training centers for the same. MSMEs are known to provide reasonable assistance for improved access to the domestic as well as export markets.

The term MSME refers to any business activity or enterprise engaged in industry, agribusiness and/or services, whether single proprietorship, cooperative, partnership or corporation whose total assets must have value falling under the following categories: MICRO : not more than P3,000,000.