Micro, small and medium enterprises (MSMEs) are classified into two broad categories – manufacturing enterprises and service enterprises. The Manufacturing Sector comprises enterprises engaged in the production/processing/manufacturing of goods pertaining to any industry specified in the first schedule to the industries (Development and Regulation) Act, 1951.
The Service Sector comprises enterprises engaged in providing or rendering of services with or without the use of tangible goods. These services can be relating to business activities like accounting, marketing, advertising, event management etc., personal services such as air transport, educational services, health-related and legal services; environmental services; hotel industry etc., Community social and other personal services including agriculture and allied activities like livestock breeding, fisheries etc
The classification of MSMEs into manufacturing and service enterprises is given in Annexure I. As per this classification criterion, micro enterprises are those where investment in plant & machinery or equipment does not exceed Rs.25 lakh; small enterprises are those where investment in plant & machinery or equipment is between Rs.25 lakh-5 crore; while investment above Rs.5 crore up to Rs.10 crore will constitute medium enterprise.
MSMEs play a crucial role in the growth and development of our economy as they contribute significantly to employment generation, industrialization, exports and gross domestic product (GDP) growth. In view of their importance in economic development, various promotional measures have been taken by the Government from time to time to support them.(as per what is MSMEDA website)
Is fssai registration mandatory when starting food business?
Food safety and standards are essential when it comes to running a food business. That’s why fssai registration is mandatory when starting food business. FSSAI is the nodal agency to lays down science based standards for articles of food and regulates their manufacture, storage, distribution, sale and import to ensure availability of safe and wholesome food for human consumption.
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