Question

Q. Consider the following statements about the Micro, Small and Medium Enterprises Development Act, 2006( MSME ACT 2006):

Select the correct answer using the code given below:

• A. 1 only
• B. 2 only
• C. Both 1 and 2
• D. Neither 1 nor 2

Answer 1

The correct option is A 1 only

Explanation:

• Statement 1 is correct. The Government of India established The National Board for Micro, Small, and Medium Enterprises (NBMSME) to examine the factors affecting the promotion and development of MSME. This board also reviews the existing policies and suggests recommendations to the Government for the growth of the MSME sector
• Statement 2 is incorrect. Under this Act, state governments should establish Micro and Small Enterprise Facilitation Councils (MSEFC) for settling disputes related to delayed payments on getting the application from concerned parties.