Very Short Answer Questions · Q1
Q.Which year the MSMED Act passed?
CBSENCERTSubjective· 1mImportance★★★★★est
5% · 1/20 Questions
✓ Free question
The MSMED Act was passed in 2006 and came into force from October 2006.
As small units grew and a large service sector emerged, businesses needed to adopt higher technology to stay competitive in a globalising world. This made a single legal framework necessary to bring different kinds of enterprises under one umbrella.
- The Micro, Small and Medium Enterprises Development (MSMED) Act was passed in 2006.
- It came into force from October 2006.
- It brought micro, small and medium enterprises — including medium-scale and service-related enterprises — under one law.
- It addressed the key concerns of definition, credit, marketing and technology upgradation.
✓Final answer
The MSMED Act was passed in 2006 (in force from October 2006).
Unlock everything free for 14 days
- Full step-by-step solutions
- Concept-first explanations
- Methods, shortcuts & mistakes
- PYQ mapping + timed mock tests
Full access for 14 days. No credit card required.