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MSME stands for Micro, Small, and Medium Enterprises. It refers to businesses that are engaged in manufacturing, production, processing, or preservation of goods and commodities. The definition of MSMEs varies across countries, but in India, the government has defined them based on their investment in plant and machinery or equipment. Micro enterprises have an investment of up to Rs. 1 crore, small enterprises have an investment of up to Rs. 10 crores, and medium enterprises have an investment of up to Rs. 50 crores.
The MSME sector plays a crucial role in the Indian economy, contributing significantly to employment generation and economic growth. The government of India has launched various schemes and initiatives to promote and support the growth of the MSME sector, such as the MSME and the Startup India program.
Overall, the government's focus on promoting the growth of the MSME sector through various guidelines and schemes is a positive step towards achieving the vision of a self-reliant and prosperous India.