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The Micro, Small, and Medium Enterprises (MSMEs) sector is a vital component of India’s economy, playing a significant role in employment generation, innovation, and contribution to GDP. Recognizing the strategic importance of MSMEs, the Indian government has implemented various initiatives to foster the growth and sustainability of these enterprises. These initiatives aim to provide financial support, technological assistance, skill development, market access, and overall regulatory ease for entrepreneurs engaged in small business activities. One of the most significant government initiatives is the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, which provides a legal framework for the classification, development, and promotion of MSMEs. The Act defines ______ __________ ________ ______ ______ _________ _______.
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