Businesses that fall below a given threshold in terms of revenue, assets, or personnel count are called small and mid-size companies (SMEs).
The definition of a tiny low and medium-sized enterprise varies from nation to nation. SMEs are crucial to the economy because they supply employment for big numbers of individuals and foster innovation. Governments frequently provide financial incentives to businesses, like preferential tax treatment and easier access to loans.
Small and midsize businesses (SMEs), despite their modest size, are crucial to the economy. they’re significantly more numerous than large businesses, employ a large workforce, and are typically entrepreneurial in nature, helping to form innovation.
Small businesses in India are those with an annual turnover of not more than Rs. 50 crore and an investment in plant, machinery, or equipment of not more than Rs. 10 crores.
While annual turnover of not more than Rs. 250 crore and investment in plant and machinery or equipment of not more than Rs. 50 crores are thought to be medium.