Such enterprises provide support to the industries by raw material supply and supply of goods and finished products. In India, MSME’s are classified in terms of Investment made in a Plant, Machinery and other Equipment’s.
Not only the Government but banks are also providing loans to them at a very concessional rate of interest to set their first brick of the business. However, to get these benefits from the Central Government and State Government or the banking sector you would have to apply for MSME Registration. It’s mandatory to have an Aadhar Number for the Registration under the MSME act. There are basically three main types of MSME’s like;
- Micro Enterprises
- Small Enterprises, and
- Medium Enterprises