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MSME TEST EASY40

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MSMEs: Policy, Regulatory and Legal Framework | Study Notes and MCQs

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MSMEs: Policy, Regulatory and Legal Framework 1. Policy Framework for SMEs Since 1991, India has shifted its policy framework to favor liberalization, privatization, and globalization. MSMEs were given importance under the New Industrial Policy of 1991 to ensure balanced regional development, create employment, and boost exports. New policies aim to strengthen MSMEs' competitiveness, innovation, and productivity. 2. Policy Shifts since 1991 Key shifts include: Deregulation and simplification of processes Increased private participation Establishment of credit guarantee schemes Emphasis on technology upgradation and skill development 3. Regulatory Framework The MSME sector is governed by several regulations, such as: MSMED Act, 2006 Factories Act, 1948 Payment of Wages Act, 1936 Environmental and labor laws specific to SME operations 4. Laws and Regulations for SMEs Key legal regula...
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MCQs on Setting up MSMEs and Related Topics

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25 MCQs on Setting up MSME | Practice Questions 📝 25 MCQs on Setting up MSMEs and Related Topics Which act defines MSMEs in India? A) Companies Act B) MSMED Act, 2006 C) Banking Regulation Act D) Industrial Act, 1951 Answer: B) MSMED Act, 2006 Which organization is primarily responsible for MSME development in India? A) NABARD B) SIDBI C) RBI D) SEBI Answer: B) SIDBI What is the maximum turnover limit for a Micro enterprise? A) ₹10 crore B) ₹5 crore C) ₹1 crore D) ₹50 lakh Answer: B) ₹5 crore Flexibility and adaptability are key characteristics of: A) Large corporations B) MSMEs C) Public sector units D) Multinational companies Answer: B) MSMEs ...
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