MSME Full Form
MSME Full Name is Ministry of Micro, Small and Medium Enterprises. It is the branch of Government of India that was formed to regulate laws related to micro, small and medium enterprises in India. Over the last five decades, MSME has proved themselves as a highly strong sector of the Indian Economy. MSME Full Form in Hindi is “सूक्ष्म, लघु और मध्यम उद्यम”. You can also know about meaning and definition of MSME and other relevant details from the beneath section of this page.
MSME Full Form
Overview on MSME:
|Jurisdiction||Republic of India|
|Cabinet Minister||Nitin Gadkari|
|Minister of State||Pratap Chandra Sarangi|
MSME sector has saved the Indian Economy from recession and is still continuing and it has embarked them, as the backbone of the Indian Economy.
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Meaning & Definition of MSME:
As per the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006, MSME is classified into two different categories:- Manufacturing Enterprises and Service Enterprises.
1) Manufacturing Enterprises: This enterprise deals with the manufacturing or production of goods or in employing of plant and machinery in order to add value to a finished product.
2) Service Enterprises: This enterprise deals to provide services and is defined in terms of investment in equipment.
Existing and Revised Definition of MSMEs:
(i) Existing MSME Classification:
Criteria: Investment in Plant & Machinery or Equipment
- Micro: Investment<Rs.25 lac
- Small: Investment<Rs.5 cr.
- Medium: Investment<Rs.10 cr.
- Micro: Investment<Rs.10 lac
- Small: Investment<Rs.2 lac
- Medium: Investment<Rs.5 lac
(ii) Revised MSME Classification:
Criteria: Investment & Annual Turnover
- Micro: Investment<Rs.1 cr and Turnover<Rs.5 cr
- Small: Investment<Rs.10 cr and Turnover<Rs.50 cr
- Medium: Investment<Rs.20 cr and Turnover<Rs.100 cr
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Contribution of MSME in the Indian Economy:
- Currently, 36.1 million units of Micro, Small and Medium Enterprises are ongoing engaged in the Indian Economy.
- Contribution of MSME to the country’s GDP is about 8%.
- In India’s total export, up to 45% of share MSMEs are responsible.
- Approximately, around 120 million people in India are getting employment through MSME.
- Many units of MSME are situated in rural part of India, and out of which some are now shifting from rural to urban areas.
Share Of Top Ten Manufacturing Industries in MSME Sector’s Gross Output:
- Food products and beverages: 19%
- Textiles: 10%
- Basic metals: 10%
- Chemicals and chemical products: 8%
- Fabricated metal products: 7%
- Machinery and equipment: 6%
- Wearing apparel: 5%
- Rubber and plastic products: 4%
- Transport equipment: 3%
- Non-metallic Mineral products: 3%
Share Of Top Ten Services Industries in MSME Sector’s Gross Output:
- Agriculture based activities: 1.3%
- Repair and maintenance of motor vehicles: 1.1%
- Retail: 0.7%
- Professional business activities: 0.6%
- Computers and information technology: 0.3%
- Transport and travel agents: 0.3%
- Forestry and logging activities: 0.3%
- Other service activities: 0.2%
- Utilities supply: 0.2%
- Post and telecommunication: 0.1%
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Role of the Indian MSME Sector:
MSME sector has played a significant role in the Indian Economy. It has helped in achieving the target growth rate and also ensures industrialization in backward areas.
By keeping more focus on MSME, we can make more growth in the manufacturing sector of the country. No doubt MSME is showing a high growth rate but Lack of infrastructure, inadequate finance, and inadequate market linkages etc are some are the factors that if we can work on can significantly lead MSME to have a faster growth rate.
We have given complete details regarding MSME, such as MSME Full Form, its meaning, definition, it’s role in Indian Economy etc. on this page. Candidates can also bookmark our site recruitmentresult.com for getting instant updates.
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