In the context of Micro Small and Medium Enterprises MSME sector in India which among the following ...........

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In the context of Micro, Small and Medium Enterprises (MSME) sector in India, which among the following is/are the correct criteria for declaring an enterprise "Micro"?

1. The investment in plant and machinery does not exceed Rs. 25 lakhs

2. The enterprise should fall in the category of manufacturing sector and not in service sector.

Select the correct answer using the codes given below :

Code:

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

statement 2 is incorrect because The MSMED Act, 2006 defines the Micro, Small and Medium Enterprises based (i) on the investment in plant and machinery for those engaged in manufacturing or production, processing or preservation of goods and (ii) on the investment in equipment for enterprises engaged in providing or rendering of Services.