MSMEs are the backbone of the Indian economy, contributing approximately 30% of the country’s GDP (Gross Domestic Product), 45% of manufacturing output and providing employment to 11 crores of India’s population. The Government of India has been proactive to ensure that all the benefit of these MSME schemes reaches to the MSMEs in time. The Union Budget 2023-24 focuses on ease of doing business for MSMEs. The most important measures include:
Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles
Composite Criteria: Investment in Plant & Machinery/equipment and Annual Turnover
Manufacturing Enterprises and Enterprises rendering Services
Investment in Plant and Machinery or Equipment: Not more than INR 1 cr and Annual Turnover; not more than INR 5 cr
Investment in Plant and Machinery or Equipment: Not more than INR 10 cr and Annual Turnover; not more than INR 50 cr
Investment in Plant and Machinery or Equipment: Not more than INR 50 cr and Annual Turnover; not more than INR 250 cr