Question
Which of the following criteria is/are used to define
and categorise MSMEs as per MSMED Act, 2006?Solution
A composite criterion of investment and turnover shall apply to the classification of an enterprise as micro, small or medium. The definition of micro, small and medium enterprises is as under as per MSMED Act 2006 (amendment 2020): 1. A micro enterprise is an enterprise where the investment in plant and machinery or equipment does not exceed ₹1 crore, and turnover does not exceed ₹5 crore; 2. A small enterprise is an enterprise where the investment in plant and machinery or equipment does not exceed ₹10 crore, and turnover does not exceed ₹50 crore; and 3. A medium enterprise is an enterprise where the investment in plant and machinery or equipment does not exceed ₹50 crore, and turnover does not exceed ₹250 crore
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