The MSMED Act is a law that was passed in 2006 by the Indian government to support and promote the growth and competitiveness of micro, small and medium enterprises (MSMEs). These are businesses that have a certain amount of investment in their machinery, equipment, or services. The MSMED Act defines the criteria for classifying MSMEs, provides various benefits and schemes for them, and sets up institutions and councils to help them. The MSMED Act also aims to protect MSMEs from delayed payments and unfair practices by other parties. The MSMED Act is important for the economic and social development of India, as MSMEs contribute to employment, innovation, exports, and inclusive growth
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The MSMED Act is a law that was passed in 2006 by the Indian government to support and promote the growth and competitiveness of micro, small and medium enterprises (MSMEs). These are businesses that have a certain amount of investment in their machinery, equipment, or services. The MSMED Act defines the criteria for classifying MSMEs, provides various benefits and schemes for them, and sets up institutions and councils to help them. The MSMED Act also aims to protect MSMEs from delayed payments and unfair practices by other parties. The MSMED Act is important for the economic and social development of India, as MSMEs contribute to employment, innovation, exports, and inclusive growth
[tex]\huge{----------------}[/tex]
Hope my answer helped you!!
Please thank me and mark me as Brainliest if my answer really helped you my mate!!!
Have a happy, Pleasant and Prosperous Day ahead, My mate!!!
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