SME FULL FORM

Full Form of SME : Small and Medium Enterprises

What is the full form of SME?

No:1. The full form of SME is Small and Medium Enterprises.
No:2. SME’s are also regarded as Small and Medium-sized Enterprises (SMBs).
No:3. The SME’s have a limited number of workers and the investments in assets such as the cost of plant and equipment fall below a certain amount.
No:4. SME’s play an extremely crucial part in the development and growth of the industrial economy of the country.
No:5. It also serves to motivate citizens in many sectors of the economy to boost competitiveness and innovation.

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Types of SME’s

Under section 7 of the 2006 Micro, Small & Medium Enterprises Creation Act, the SME definition in India is determined by the amount of investment according to the sectors to which it belongs.

In Case of Industrial Enterprises

No:1. Micro Enterprises – Expenditure in the plant & equipment doesn’t cross 25 lakh Rs.
No:2. Small Enterprises – Plant and equipment expenditure amounts to be more than 25 lakh Rs, but it does not exceed five crore Rs.
No:3. Medium Enterprises – Revenue in the plant and equipment is more than five crore Rs but does not cross ten crore Rs.

In the case of Service Companies

No:1. Micro Enterprises – Spending in tools and equipment should not cross 10 lakh Rs.
No:2. Small Enterprises – Spending on tools and equipment is more than 10 Lakh Rs but does not cross two crore Rs.
No:3. Medium Enterprises – Spending on tools and equipment is more than two crore Rs but does not reach five crore Rs.

Workforce and Turnover

No:1. The workforce and turnover of small and medium sized enterprises vary according to the different countries.
No:2. In India, under section 7 of the Micro, Small and Medium Enterprises Development (MSMED) Act 2006, Indian government specifies the size of micro, small and medium enterprises.
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