MSME registration is essential in order to make use of the benefits of the MSMED Act from the federal or state government and the banking sector. An MSME is a business that falls into one of three categories: micro, small, or medium. Over the past five decades, India's MSME sector has grown as a very dynamic and active segment of the country's economy.
The Government of India announced considerable relief for MSMEs on May 13th, 2020. In addition, the government has revised the definition of the MSME as a whole, which is a major relief. Manufacturing and service firms are no longer different under the new definitions; instead, the investment level has been increased, and an additional condition of turnover has been added.
