The SMEs are known for contributing to our economy and are considered the backbone. SMEs have contributed about 30% of India's GDP, 45% of manufacturing output, and 48% of its exports. So, to support and develop these enterprises, the Government of India have developed a scheme called the Micro, Small, Macro, Enterprises Development (MSMED) Act. It provides various benefits and incentives to SMEs registered under this act. 

You might assume that small and medium-sized industries have little or no role in India's economic growth. However, that's far from it. The MSME industries play a pivotal role in the country's economic development.