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MSMED Act, 2006 | Micro, Small, and Medium Enterprises Development Act, 2006

MSMED Act, 2006 was enacted to promote, develop, and enhance the competitiveness of Micro, Small, and Medium Enterprises (MSMEs). On 2nd October 2006

The Micro, Small, and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) 1. Introduction The Micro, Small, and Medium Enterprises Development Act (MSMED Act, 2006) was enacted to promote, develop, and enhance the competitiveness of Micro, Small, and Medium Enterprises (MSMEs). Came into force on 2nd October 2006 . Objective : Strengthening MSMEs through improved credit flow, infrastructure, skill development, technology upgradation, and market assistance. 2. Key Definitions under the Act (a) Classification of Enterprises (as per MSMED Act, 2006) Enterprises are classified based on investment in plant & machinery for manufacturing and investment in equipment for service enterprises. Category Investment in Manufacturing Enterprises Investment in Service Enterprises Micro Up to ₹25 lakh Up to ₹10 lakh Small ₹25 lakh - ₹5 crore ₹10 lakh - ₹2 crore Medium ₹5 crore - ₹10 crore ₹2 crore - ₹5 crore New Classification (MSME 2020 Revision) : Introduced Annual Turnover Criteria along with investment. Remove…

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