MSME registration stands for Micro, Small and Medium Enterprises. In a developing nation like India, MSME is the backbone of our country.
The MSME contributes to 50% of India’s total employment, 90% of industrial units and 50% of India’s total exports and more than 8000 types of products are produced in these industries.
As the industries grow, the economy of the country grows as a whole. These MSME are also known as the small, scale industries. In case, the company is in manufacturing industries, registration can be obtained through the MSME act.
This registration is not mandatory according to the government but it provides a lot of benefits in terms of credit facilities, taxation, setting up the business, and loans, etc.