The Ministry of Micro, Small and Medium Enterprises and The Industries Development and Regulation Act

1108 WordsFeb 17, 20184 Pages
Introduction to MSME The Industries Development and Regulation Act, 1951, undertake the legal and conceptual framework for small and supported industries. This act provided essential powers to Central Government to encourage small and medium scale industries. ‘Micro, Small and Medium Enterprises Development Act, 2006’ launched to promote and develop small, medium scale enterprises. This act aims to accomplish long-term goals by government and MSME stakeholders. The Ministry of Micro, Small and Medium Enterprises (MSME), is launched by Government of India, which has adopted the cluster development approach as a key strategy for enhancing the productivity and competitiveness. It helps capacity building of Micro and Small Enterprises (MSEs) and their collectives in the country. MSME that is Micro Small and Medium Enterprises is joined collaboration of Ministry of Agro and Rural Industries (MARI) and Ministry of Small Scale Industries. According to Act, 2006, all types of enterprises including association of people, Cooperative society, partnership firm, company can register and get benefits of Act. Clustering of units also enables providers of various services to them, including banks and credit agencies, to provide their services more economically, thus reducing costs and improving the availability of services for these enterprises. The main objectives of MSME are: 1. To set up common facility centres like for testing, training centres, raw material depot, production

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