Describe the meaning and scope of Micro, Small and medium enterprises.

The Micro, Small and Medium Enterprises (MSMEs) are a vital component of the Indian economy, contributing significantly to employment generation, economic growth, and overall development. The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, provides a comprehensive definition and classification of these enterprises, which is essential for understanding their scope and significance.

1. Micro Enterprises:
   • Meaning: Micro enterprises are the smallest category of enterprises defined under the MSMED Act. These are typically small-scale businesses or self-employed individuals engaged in various economic activities, such as manufacturing, trading, or service provision.
   • Definition: The Act defines a micro-enterprise as an enterprise where the investment in plant and machinery or equipment does not exceed ________ _________ _______ ______ _____.
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