MSMED Act 2006

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The Micro, Small and Medium Enterprises Development Act, 2006 ("Act") was enacted with a view to facilitate the promotion and development of micro, small and medium enterprises ("MSMEs") and  enhancing the competitiveness among them. The MSMEs are significant in providing large employment opportunities at a relatively lower capital cost than larger industries and are also imperative in facilitating industrialization of rural and backward areas which results in assuring more equitable distribution of national income.

The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2018 ("Bill") was introduced in the Lok Sabha by the Minister of State for MSMEs, Mr. Giriraj Singh, on July 23, 2018, with the objective of encouraging ease in doing business and making the norms of classification of enterprises growth oriented. The Bill seeks to amend the Act and appears to be a major overhaul in the manner in which MSMEs are classified under the Act and proposes to bring about a change in the criterion of classification of MSMEs from the present classification based on investment in plant and machinery or equipment to a fresh and uniform criterion for all MSMEs based on their annual turnover. The proposed classification of MSMEs as per the Bill is as follows:


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