Which biz are you
Is your business micro, small or medium
Is your business micro, small or medium
Micro, Small & Medium Enterprises (MSME) sector is the backbone of Indian economy, as they account for about 30% of India’s GDP. Most of the units in MSMEs are micro enterprises.
Under the MSME Development (Amendment) Bill, 2018, the definition of an MSME is based on the annual turnover.
Micro Enterprise: Less than Rs 5 crore
Small Enterprise: Rs 5 crore to Rs 75 crore
Medium Enterprise: Rs 75 crore to Rs 250 crore
As per Your Story for every 100 companies in India, there are more than 95 micro enterprises, four small-to-medium businesses, and less than one large company. Developed countries, however, feature around 50 micro entities, and 40 small-to-medium companies in the same sample size.
6.3 crore MSMEs employ 46 crore people. The sector also makes up for 33.4% of the India’s output in manufacturing. As per CII it employs 12 crore people in manufacturing. SMEs contribute about 45% of the total exports. If more enterprises move towards small and medium enterprises, it will employ more people, and contribute more to exports and GDP.
Dun & Bradstreet report: Breaking barriers in MSMEs scaling-up — some learnings from the world Link