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ARTICLE · 31 JULY 2018

The Micro, Small And Medium Enterprises Development (Amendment) Bill, 2018

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The Micro, Small and Medium Enterprises Development Act, 2006 was enacted with a view to facilitate the promotion and development of MSMEs and to enhance the competitiveness between them.

IndiaGovernment, Public Sector
Rupali Sharma
Rupali Sharma
Shahzar Hussain
Shahzar Hussain
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The Micro, Small and Medium Enterprises Development Act, 2006 ("Act") was enacted with a view to facilitate the promotion and development of micro, small and medium enterprises ("MSMEs") and to enhance the competitiveness between them. The MSMEs are significant in providing large employment opportunities at a relatively lower capital cost than larger industries and are also imperative in facilitating industrialization of rural and backward areas which results in assuring more equitable distribution of national income.

In order to align the Act with the contemporary times, need was felt to change the criterion of classification of enterprises. The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2018 ("Bill") was introduced in the Lok Sabha by the Minister of State for MSMEs, Mr. Giriraj Singh, on July 23, 2018, with the objective of encouraging ease in doing business and making the norms of classification of enterprises growth oriented. The Bill

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