MSME IS AN SPECIAL SECTOR IN WHICH TWO TYPES OF ENTERPRISES ARE INVOLVED FOR THE ECONOMIC DEVELOPMENT.
Enterprises which is only engaged in the manufacture or production of goods or providing or rendering of services In this act it has been defined in terms of investment in Plant & Machinery or equipment.
This sector plays a very crucial role in economic development.
Some points explaining its role is described below:-
Highly vibrant and dynamic sector
Provide employment opportunities in large at comparatively lower capital cost
Has flexibility to adjust in changing environment
Significant Growth Driver for export promotion
Helps in regional development by assuring equitable distribution of national income and wealth.
ADVANTAGE OF MSME:-
To promote and develop this sector various benefits are provided by government through various schemes.
Right of Interest on delayed payments from buyers
Reduced rate of interest from banks
Easy to get loan from banks
Tax benefits under Direct and Indirect Tax Laws
Various benefits under schemes provided by State and Central Governments
Octroi ,Stamp Duty and Registration Benefits
Easy to get approvals,licenses and registrations from various departments