Mega International Summit on MSME Competitiveness organised in Delhi
The Union Ministry of Micro Small and Medium Enterprises (MSME), and the Entrepreneurship Development Institute of India (EDII), Ahmedabad, are organizing a ‘Mega International Summit on MSMEs’ on March 29 and 30, 2022 in New Delhi.
The two-day summit is going to be attended by entrepreneurs, academicians, policymakers, industry leaders, thought leaders, business chambers, industry associations, startups, social impact organizations, MSMEs and self-help groups from India and across the world.
Importance of MSME in Indian Economy
The MSME sector has been a major contributor to the socio-economic development and employment generation of the country with around 30% share in India’s GDP.
As per Central Statistics Office the share of MSME in GDP for the year 2019-20 was 30.0%.
Similarly, the shares in total manufacturing of the country during the year 2019-20 were 36.9%
According to the Directorate General of Commercial Intelligence and Statistics, the share of exports of specified MSME related products to all India exports during 2019-20 and 2020-21 were 49.8% and 49.5% respectively.
Micro Small and Medium Enterprises (MSME )
MSMEs are regulated under the 'Micro, Small and Medium Enterprises Development Act, 2006'.
According to the new definition , MSMEs with an annual turnover of less than Rs 5 crore will be classified as 'Micro' enterprises, MSMEs with an annual turnover of Rs 5-75 crore will be classified as 'Small' and Rs 75-250 crore. MSMEs with an annual turnover of Rs.
- Micro Enterprises : where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees;
- Small Enterprise: where the investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees;
- Medium enterprise, where the investment in Plant and Machinery or Equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
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