Page 31 - MSME BULLETIN 2022 NEW LAYOUT 19082022.indd

MSME & START-UP BULLETIN, VOLUME 1, ISSUE 1, AUGUST 2022

MSMEs

&

CMA Dr. Sreehari Chava
Practicing Cost Accountant, Nagpur

01.00 MSMEs  The Coir Board
It is an established fact that Micro, Small and Medium
Enterprises (MSMEs) have emerged as a highly vibrant National Small Industries Corporation (NSIC)
and dynamic sector of the Indian economy over the
last fi ve decades. The sector contributes signifi cantly National Institute for Micro, Small and Medium
in the economic and social development of the country Enterprises (NIMSME)
by fostering entrepreneurship and generating large  Mahatma Gandhi Institute for Rural
employment opportunities at comparatively lower Industrialisation (MGIRI).
capital cost, next only to agriculture.
The Ministry of MSME, also, runs various schemes
The primary responsibility of promotion and
development of MSMEs is that of the State aimed at fi nancial assistance, technology assistance
and up-gradation, infrastructure development, skill
Governments. However, the Government of India, development and training, enhancing competitiveness
supplements the efforts of the State Governments and market assistance of MSMEs.
through various initiatives. In this direction, a number
of statutory and non-statutory bodies work under the Such is the statutory support provided to this sector
aegis of the Ministry of MSME which includes: that in case of delay in payment beyond 45days,
MSEs suppliers may approach the Micro and Small
 The Khadi and Village Industries Commission Enterprises Facilitation Council (MSEFC) constituted
(KVIC)

The Institute of Cost Accountants of India 31