Micro Small and Medium Enterprises MSMEs Development Act 2006 classifies MSMEs in India Which of the...........

Economic Affairs Small Scale Industries

Micro, Small and Medium Enterprises (MSMEs)Development Act, 2006 classifies MSMEs in India. Which of the following statements is/are correct in this context?

The Manufacturing Enterprise are defined in terms of investment in Plant & Machinery.
Service Enterprises are defined in terms of investment in equipment.

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

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Explanation:

Definitions of Micro, Small & Medium Enterprises In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Classes:

1. Manufacturing Enterprises-he enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) or employing plant and machinery in the process of value addition to the final product having a distinct name or character or use. The Manufacturing Enterprise are defined in terms of investment in Plant & Machinery.

2. Service Enterprises:-The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment.