MSME and Business Entrepreneurship
Nagaland Board · Class 11 · Business Studies
Flashcards for MSME and Business Entrepreneurship — Nagaland Board Class 11 Business Studies. Quick Q&A cards covering key concepts, definitions, and formulas.
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What does MSME stand for and what is its significance in the Indian economy?
Answer
MSME stands for Micro, Small and Medium Enterprises. It contributes approximately 29.7% of GDP and 49.66% of exports. The sector employs nearly 60 million people through 28.5 million enterprises, maki…
According to the Government of India classification, what are the investment and turnover criteria for Micro Enterprises?
Answer
Micro Enterprises: Investment in Plant and Machinery - Up to ₹1 crore; Turnover - Does not exceed ₹5 crore. They constitute 99.4% of all MSMEs in India.
What are the investment and turnover limits for Small and Medium Enterprises?
Answer
Small Enterprises: Investment up to ₹10 crore, Turnover up to ₹50 crore (0.52% share). Medium Enterprises: Investment up to ₹50 crore, Turnover up to ₹250 crore (0.1% share).
Name the eight subgroups of MSME sector in India.
Answer
The eight subgroups are: 1. Handlooms, 2. Handicrafts, 3. Coir, 4. Sericulture, 5. Khadi and Village Industries, 6. Small Scale Industries, 7. Powerlooms, and 8. Traditional industries.
What is the MSMED Act and when did it come into force?
Answer
The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 came into force in October 2006. It provides a single legal framework addressing issues related to definition, credit, marketing, …
How do Village Industries differ from other small industries in terms of definition?
Answer
Village Industries are defined as any industry located in rural areas that produces goods or renders services with or without power, where fixed capital investment per head is specified by the central…
What are Cottage Industries and how are they different from other small-scale industries?
Answer
Cottage Industries, also known as rural or traditional industries, are not defined by capital investment criteria like other small-scale industries. They are typically home-based, use simple technolog…
List five major contributions of MSME to the Indian economy.
Answer
1. Balanced regional development, 2. Second largest employer after agriculture, 3. More employment per unit of capital (labor-intensive), 4. Wide variety of products from simple to sophisticated items…
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