SME meaning - SME stands for Small and Medium Enterprises. The SME definition in India as per Section 7 of Micro, Small & Medium Enterprises Development Act, 2006 is based on the investment amount as per the sectors these cater to. The two types of SMEs- manufacturing and services, are classified as-
|Manufacturing sector||Service sector|
|Small enterprise||Greater than Rs. 25 Lakh but lower Rs. 5 Crore.||Greater than Rs. 10 Lakh but lower than Rs. 2 Crore.|
|Medium enterprise||Greater than Rs. 5 Crore but lower than Rs. 10 Crore.||Greater than Rs. 2 Crore but lower than Rs. 5 Crore.|
The importance of SMEs is paramount in India as they contribute more than 24% to the services sector GDP and more than 6% to the manufacturing sector GDP of India as per CII. SMEs also account for around 45% of all exports in India and employ more than 120 million individuals. In India, there are more than 63 million registered and unregistered small and medium enterprises.
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