Assistant Professor, MIT College of Engineering, Mysore, Karnataka
*Corresponding Author E-mail: felixedits82@gmail.com
Online published on 4 May, 2021.
Enactment of Micro, Small and Medium Enterprises Development Act, 2005 (MSME Act) under which classification of micro, small and medium enterprises (MSME) was dependent on two factors: (i) investment in plant and machinery; and (ii) turnover of the enterprise. Earlier, the MSMEs were defined on the basis of investments put in, now the revised definitions will also include turnover of the company. The redefinition of the definition of MSMEs was done in a bid to support entrepreneurs and to boost the economy.
MSME Definition, MSMED Act, Investment, Turnover, Revision of Definition
