MSME is an acronym that stands for Micro, Small, and Medium Enterprises. MSME enterprises are the backbone of the economy in a growing country like India. When these industries expand, the country’s economy as a whole expands and flourishes.
These are also known as small-scale industries (SSIs).
Even if the company is in the manufacturing or service industries, registrations for both can be obtained under the MSME act.
The government has not yet made this registration essential, but it is advantageous to have one’s business registered under this since it gives several benefits in terms of taxation, business setup, credit facilities, loans, and so on.
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