MICRO, SMALL AND MEDIUM-SIZED ENTERPRISE DAY 2019

  • MICRO, SMALL AND MEDIUM-SIZED ENTERPRISE DAY 2019

    Date : 27-06-2019 12:15


    On this very special day dedicated to “Micro, Small And Medium-Sized Enterprise”, India promotes innovation, creativity and sustainable working in the companies. This blog will enlighten you about different enterprises and how it helps in achieving sustainable development.

    ·        Meaning of micro, small and medium-sized enterprise? The definition of micro-small and medium-sized business differs from country to country. In India it is:

    1.      Micro-enterprise: In a manufacturing sector, Investment in Plant & Machinery does not exceed twenty-five lakh rupees. In the service sector, investment in equipments does not exceed 10 lakh rupees.

    2.      Small Enterprise: In a manufacturing sector, Investment in Plant & Machinery is more than 25 lakh but does not exceed 5 crore rupees. In the service sector, the investment is more than 10 lakh rupees but does not exceed two crore rupees.

    3.      Medium-sized enterprise: In a manufacturing sector, Investment in Plant & Machinery is more than 5 crore rupees but does not exceed 10 crore rupees. In the service sector, the investment in equipments is more than 2 crore rupees but does not exceed 5 crore rupees.

    ·        UN declared this day: The UN General Assembly held on the 6th April 2017 in its 74th Plenary acknowledged 27th June as Micro, Small and Medium-sized Enterprises Day, identifying the use of Micro, Small and Medium-sized Enterprises to achieve sustainable development goals and to promote innovation, creativity and sustainable work for everyone.

    ·        Celebration in India: The Ministry of Micro Small & Medium Enterprises (MSME) is organizing a National Conclave (Udyam Sangam) on 27th June 2018 on the occasion of UN MSME Day. The intent of the Conclave is to encourage dialogue and partnership among various stakeholders of the MSME ecosystem and for promoting innovation and knowledge sharing on MSME related issues.

    ·        MSME contribute to achievement of the sustainable development goals: Micro-, small and medium-sized enterprises are very important in achieving the Sustainable Development Goals, particularly in promoting innovation, creativity and decent work for all. Efforts to improve access to finance for SMEs across key sectors of national economies are an important element of the implementation of the Sustainable Development Goals (SDGs). SDG targets 8.3 and 9.3 call for enhancing the access of SMEs to financial services. In addition, SMEs are an important element in the implementation of SDG 8 (decent work and economic growth) and SDG 9 (industry, innovation and infrastructure).

    ·        It is a great source of employment: Since 2017, Micro-, small and Medium-sized businesses celebrate their day in recognition of their work in local and global economies. These enterprises, which generally employ fewer than 250 persons, are the support of most economies worldwide and play a vital role in developing countries.

    ·        MSME Act, 2006:  MSME are classified into 2 Categories:

    1.      Manufacturing Enterprises – As per the first schedule to the industries (Development and Regulation) Act, 1951, the Manufacturing enterprises defined in terms of investment in Plant & Machinery, are those enterprises that are engaged in the manufacture or production of goods for any specific industry

    2.      Service Enterprises – Defined in terms of investment in equipment, service enterprises are those enterprises which are engaged in providing or rendering services

    ·        How to Obtain MSME Certificate: The Government of India have specifically made an Act for Micro, Small & Medium Enterprises. The Micro, Small & Medium Enterprises Development Act, 2006 is only applicable to those enterprises which deal in Manufacturing and Service sector.

    If you want to commence a business or have any query regarding MSME registration or filing, we can help you with it with our expert lawyers. LawTendo is an intuitive online platform that makes it speedier and simpler to discover and contact the finest Attorneys in any city/court in India.

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