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MSME Definition Expanded: Notes for All Competitive Exams | MSME সম্প্রসারিত সংজ্ঞা


What is meant by MSME?

Under the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006 by the Government of India, the definition of an MSME includes micro, small, and medium enterprises.

What is the new name of MSME?

MSMEs will now be called micro-units if they have an investment of up to Rs 1 crore and a turnover of less than Rs 5 crore.

What kind of business is there under MSME?

MSME only applies to the manufacturing and service industries, where trading companies are excluded from the scheme, as trading companies act only as intermediaries between manufacturers and consumers.