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Question
What is Micro Small and Medium Enterprises Development?
What is Micro Small and Medium Enterprises Development?
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Solution
The Indian Government has set in motion the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 as far as which the meaning of miniature, little and medium undertakings is as under:
Businesses occupied with the manufacturing or creation, processing, or safeguarding of products as indicated beneath:
- A micro business is an undertaking where capital net worth in plant and machinery doesn’t surpass Rs. 25 lakh.
- A small business is an undertaking where the capital net worth in plant and machinery is more than Rs. 25 lakh yet doesn’t surpass Rs. 5 crores.
- A medium business is an undertaking where the capital net worth in plant and machinery is more than Rs.5 crore, however, it doesn’t surpass Rs.10 crore.
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The Indian Government has set in motion the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 as far as which the meaning of miniature, little and medium undertakings is as under:
Businesses occupied with the manufacturing or creation, processing, or safeguarding of products as indicated beneath:
- A micro business is an undertaking where capital net worth in plant and machinery doesn’t surpass Rs. 25 lakh.
- A small business is an undertaking where the capital net worth in plant and machinery is more than Rs. 25 lakh yet doesn’t surpass Rs. 5 crores.
- A medium business is an undertaking where the capital net worth in plant and machinery is more than Rs.5 crore, however, it doesn’t surpass Rs.10 crore.
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