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Micro, Small & Medium Enterprises in the Indian Economy
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Small enterprises exist in the form of factories, workshops, and trade and service organizations, ranging from the simple and traditional to the most modern. The operational range varies from independent enterprises to ancillaries, sub-contractors, and vendors engaged in catering to the needs of the markets, extending from the domestic to the global horizon. These enterprises exist in various forms, such as proprietorship, partnership, companies, or co-operatives. Though the main objectives of small enterprises are almost the same, they are defined and viewed differently in different countries. In India, prior to the enactment of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, small industries were comprised of tiny, cottage, traditional, and village enterprises. These enterprises were fragmented across various ministries/departments of the government of India for the purpose of development schemes and concessions. In order to streamline procedures, correct discr
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