THE MICRO, SMALL AND MEDIUM ENTERPRISE ACT 2006

  • The conceptual and legal framework for small-scale and ancillary industrial undertakings is derived from the Industries Development and Regulation Act, 1951. The Act provided the necessary powers to the Central Government to amend the provisions of this act from time to time so as to encourage small scale and ancillary undertakings. The Small and Medium Enterprises Development Bill 2005 which was enacted in June 2006 was renamed as “Micro, Small & Medium Enterprises Development Act, 2006” aims at facilitating the promotion and development of small and medium enterprises. Various notifications issued by the Central Government from time to time relating to increase in slap rate of investments in plant & Machinery for manufacturing enterprises and equipments in service enterprises provides a clear-cut proof that the economy of our country is striving towards achieving the economies of scale by increasing the volume of production of goods. The Micro, Small and Medium Enterprise Development Act, 2006 (MSMEDA) extends the scope to accomplishes many long -standing goals of the government and stakeholders in the MSME sector including the service sector

 

 

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