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The Micro, Small and Medium Enterprises Development Act, 2006 was enacted with the objective of facilitating the promotion, development and enhancement of the competitiveness of micro, small and medium enterprises and to address issues affecting this sector in a comprehensive manner. One of the most significant provisions of the Act is the formal and statutory definition of micro, small and medium enterprises, which brought clarity and uniformity in policy formulation and implementation. The Act classifies enterprises engaged in manufacturing and services separately and defines them on the basis of investment in plant and machinery or equipment, thereby recognizing the distinct nature of these activities and ensuring targeted institutional support. The Act provides a legal framework for the registration and recognition of MSMEs. Although registration is not mandatory, enterprises that register under the Act become eligible for various benefits, incentives and schemes offered by the central and state governments. This recognition helps enterprises gain easier access to institutional finance, credit guarantees, subsidies and support services. The provision for filing of memorandum, now simplified through online systems, reduces procedural barriers ________ ______ ____ ________ ___ ______ _________ ___ ___ _______.
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