Micro, Small and Medium Enterprises (MSME) sector is a very important piece of India’s legacy economic model and a part of the critical supply chain for products and services. This sector is considered as the job creator and plays a crucial role in providing large-scale employment and industrialization of rural and backward areas. As per the National Sample Survey (NSS) 73rd round, in 2015-2016, there were around 633.8 lakh unincorporated non-agriculture enterprises in the country which are dealing in different economic activities providing employment to 11.10 cr workers . MSME has introduced in the year 2006 in India. There are still some service sectors that were not yet included in this sector was included in the definition of the Micro, Small and Medium-sized Enterprises making a historic change to this Act. The Importance of MSME in India has been described below: 1) It creates large-scale employment: Enterprises that are inclusive in this sector require low ...
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