MSMEs stand for Micro, Small, and Medium Enterprises. In India, MSME is governed by the Ministry of Micro, Small and Medium Enterprises. MSME registered entities can avail of benefits from Government-driven schemes to ensure seamless growth. The MSMEs play a vital role in strengthening the Indian economy, as they are the major contributor both in terms of employment creation and export volume. In general, two categories of MSMEs exist in our country.
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