As per the Micro, Small and Medium Enterprises Development Act, 2006, a Micro, Small and Medium Enterprise (MSME) is defined as an enterprise with an investment in plant and machinery or equipment not exceeding (\$200,000).

Export performance is not a criterion for classifying an enterprise as a Micro, Small or Medium Enterprise (MSME) in India. The criteria are investment in plant and machinery or equipment, number of employees, and annual turnover.

MSMEs contribute around 30% to the Indian economy in terms of GDP.

MSMEs contribute around 60% to employment in India.

Manufacturing contributes the most to the MSME sector in India.

The Ministry of Micro, Small and Medium Enterprises (MSME) is responsible for promoting and developing the MSME sector, providing financial assistance to MSMEs, and providing technical assistance to MSMEs.

The Government of India has launched several schemes to provide financial assistance to MSMEs, including the Pradhan Mantri Mudra Yojana, the Stand-Up India Scheme, and the Credit Guarantee Scheme for Micro and Small Enterprises.

The Government of India has launched the Skill India Mission to provide technical assistance to MSMEs.

MSMEs in India face a number of challenges, including access to finance, lack of technology, and competition from large enterprises.

The government has taken a number of initiatives to support MSMEs in India, including providing financial assistance, providing technical assistance, and creating a conducive policy environment.

The future outlook for MSMEs in India is positive, with the government taking a number of initiatives to support the sector.

Entrepreneurship, innovation, and access to finance are all key factors that contribute to the success of MSMEs in India.

High interest rates, lack of collateral, and complex application procedures are all challenges that MSMEs in India face in accessing finance.

The Pradhan Mantri Mudra Yojana, the Stand-Up India Scheme, and the Credit Guarantee Scheme for Micro and Small Enterprises are all government initiatives that have been taken to address the challenges faced by MSMEs in India.

Reservation of products for exclusive manufacture by MSMEs, preferential treatment in government procurement, and establishment of a National MSME Development Board are all key recommendations of the MSME Development Act, 2006.