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Defines “Enterprise” instead of “Industry” to give due recognition to the Service Sector. |
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Pride of place to Micro Enterprises. |
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Investment ceiling for Manufacturing Small Enterprises raised to Rs 5 Crore. |
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Defines “Medium Enterprises” to facilitate technology upgradation and graduation. |
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Two-stage registration process of SSI substituted with optional filing of memorandum with District Industries Centres (DICs)by all micro and small enterprises. |
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Filing of memorandum by Medium enterprises rendering services also optional. |
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Filing of memorandum by manufacturing medium enterprises with District Industries Centres ( instead of the Central Government). |
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Provides statutory basis (legally enforceable) to Procurement Preference Policies of Central & State Govts. for goods & Services provided by micro & small enterprises. |
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Strengthens the legal provisions to check delayed payment to micro and small enterprises. |
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Representatives of enterprises Associations included in the MSE Facilitation Councils for adjudicating on cases of delayed payment. |
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Provision for ensuring timely and smooth flow of credit to MSMEs. |
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All Schemes/Programmes of assistance being notified under the Act. |
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Provides for a statutory National Board for Micro, Small & Medium enterprises to advise the Central Government on matters under the Act. |
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