‘MSME’ is used for Micro, Small and Medium Enterprises. After the spread of ‘COVID-19’ Pandemic, Government of India has announced many relief packages for MSME sector to boost the Economy of the Country. In a developing country like India MSME play a significant role and backbone of the country which contributes approx. 30% to India’s GDP and more than 50% of exports as per Data by Directorate General of Commercial Intelligence and Statistics (DGCIS).
A robust MSME sector is a key in improving the economic strength and resilience of the country and making it highly self-reliant and globally competitive. Low threshold in MSME definition had created a fear among MSMEs of graduating out of the benefits and hence killing the urge to grow. Therefore, it was great news when MSME definition was revised under the ‘Atma-Nirbhar Bharat Abhiyaan’ (Self- Reliant India Movement) on May 13, 2020. This mission deals with various schemes in order to boost MSME sector and will help MSME to sustain, grow and relieved from compliance burden