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MSME (Micro, Small, and Medium Enterprises) in India are the backbone of the country's economy, contributing significantly to employment, innovation, and GDP. MSMEs are classified based on their investment in plant, machinery, or equipment and their annual turnover. They are divided into three categories:
- Micro Enterprises: Investment up to ₹1 crore and turnover up to ₹5 crore.
- Small Enterprises: Investment up to ₹10 crore and turnover up to ₹50 crore.
- Medium Enterprises: Investment up to ₹50 crore and turnover up to ₹250 crore.
MSMEs receive numerous benefits from the government, including access to subsidies, tax benefits, reduced interest rates on loans, and protection under various policies to support their growth and sustainability. The Udyam registration process simplifies these benefits and provides a unique identity to these enterprises.