Introduction
The Indian Government has always been providing benefits and
support to the Micro, Small, and Medium Enterprise
or MSMEs. There are a numerous advantages of obtaining MSME
registration in India, which can only be availed by an enterprise
if the same has registered as an MSME under MSMED Act.1
Also read Benefits of MSME Registration in India
The Micro, Small and Medium Enterprises Development Act,
20062, classifies the MSMEs on the basis
of investment in:
(i) plant and machinery, for enterprises engaged in the
manufacturing or production of goods, and
(ii) equipment, for enterprises providing services.
However, the MSME Development Act, 2006 was redefined by virtue
of The Micro, Small and Medium Enterprises
Development (Amendment) Bill, 2018 by the Minister of
State, which uniformly classifies the industries based on
their annual turnover irrespective of their kind i.e.
manufacturing or service-providing enterprises3. The
