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Consider the following statements with respect to Micro, Small and Medium Industries:
1. At present, no item is reserved for exclusive manufacturing in the MSME industry.
2. More than 30% of India's exports are produced by MSME industries .
3. According to Public Procurement Policy, it is compulsory for all CPSEs to procure a minimum of 25% annual purchases from MSMEs.
Which of the statements given above is/are correct?
1. At present, no item is reserved for exclusive manufacturing in the MSME industry.
2. More than 30% of India's exports are produced by MSME industries .
3. According to Public Procurement Policy, it is compulsory for all CPSEs to procure a minimum of 25% annual purchases from MSMEs.
Which of the statements given above is/are correct?
- a)1 and 2 only
- b)2 and 3 only
- c)1 and 3 only
- d)1, 2 and 3
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Consider the following statements with respect to Micro, Small and Med...
• The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 for the development of MSME enterprises.
• The MSME Development (Amendment) Bill, 2018, prescribes any business with a turnover of up to ₹5crore will be considered a 'micro enterprise'. The other slabs are ₹5-75 crore for 'small enterprise' and₹75-250 crore for 'medium enterprise.
• Since 1960s, to promote and facilitate MSME sector certain items have been reserved for exclusive manufacturing by MSMEs. However this policy was discontinued in 2015. Now there are no items reserved for exclusive production by MSMEs. The de-reservation was done to encourage greater investment, incorporate better technologies, standard and branch building and enhance competition in Indian and global markets for these products. Hence statement 1 is correct.
• The MSME Sector today constitutes a very important segment of India's economy and it accounts for nearly 40 of the gross value of output in the manufacturing sector and about 50% of the total exports from the country. Direct exports from the MSME Sector accounts for 35% of the total exports. Hence statement 2 is correct.
• Public Procurement Policy for MSEs Order, 2018 has been notified under section 11 of MSMED Act, 2006. The objective of Policy is promotion and development of Micro and Small Enterprises by supporting them in marketing of products produced and services rendered by them.
• Salient features:
• The MSME Development (Amendment) Bill, 2018, prescribes any business with a turnover of up to ₹5crore will be considered a 'micro enterprise'. The other slabs are ₹5-75 crore for 'small enterprise' and₹75-250 crore for 'medium enterprise.
• Since 1960s, to promote and facilitate MSME sector certain items have been reserved for exclusive manufacturing by MSMEs. However this policy was discontinued in 2015. Now there are no items reserved for exclusive production by MSMEs. The de-reservation was done to encourage greater investment, incorporate better technologies, standard and branch building and enhance competition in Indian and global markets for these products. Hence statement 1 is correct.
• The MSME Sector today constitutes a very important segment of India's economy and it accounts for nearly 40 of the gross value of output in the manufacturing sector and about 50% of the total exports from the country. Direct exports from the MSME Sector accounts for 35% of the total exports. Hence statement 2 is correct.
• Public Procurement Policy for MSEs Order, 2018 has been notified under section 11 of MSMED Act, 2006. The objective of Policy is promotion and development of Micro and Small Enterprises by supporting them in marketing of products produced and services rendered by them.
• Salient features:
- Every Central Ministry /Department / PSUs shall set an annual target for 25% procurement from MSE Sector
- A sub-target of 4% out of 25% target of annual procurement earmarked for procurement from MSEs owned by SC/ST entrepreneurs.
• Overall procurement goal of minimum 25% has become mandatory from 1st April 2015. Hence statement 3 is correct.
Most Upvoted Answer
Consider the following statements with respect to Micro, Small and Med...
Explanation:
Therefore, all the three statements given above are correct. Hence, the correct answer is option D.
- No item is reserved for exclusive manufacturing in the MSME industry: This statement is correct. In 2001, the Government of India removed the reservation of items for exclusive manufacturing in the MSME sector. This was done to promote competition and encourage innovation in the sector.
- More than 30% of India's exports are produced by MSME industries: This statement is correct. MSMEs play a significant role in India's export sector. According to the Ministry of Micro, Small and Medium Enterprises, MSMEs contribute to around 45% of India's total exports. Therefore, it can be concluded that more than 30% of India's exports are produced by MSME industries.
- According to Public Procurement Policy, it is compulsory for all CPSEs to procure a minimum of 25% annual purchases from MSMEs: This statement is correct. The Government of India has implemented a Public Procurement Policy for Micro and Small Enterprises (MSEs) in order to promote their participation in public procurement. As per this policy, all Central Public Sector Enterprises (CPSEs) are required to procure a minimum of 25% of their annual purchases from MSMEs. This policy aims to support and promote the growth of MSMEs in the country.
Therefore, all the three statements given above are correct. Hence, the correct answer is option D.
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Consider the following statements with respect to Micro, Small and Medium Industries:1. At present, no item is reserved for exclusive manufacturing in the MSME industry.2. More than 30% of Indias exports are produced by MSME industries .3. According to Public Procurement Policy, it is compulsory for all CPSEs to procure a minimum of 25% annual purchases from MSMEs.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?
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Consider the following statements with respect to Micro, Small and Medium Industries:1. At present, no item is reserved for exclusive manufacturing in the MSME industry.2. More than 30% of Indias exports are produced by MSME industries .3. According to Public Procurement Policy, it is compulsory for all CPSEs to procure a minimum of 25% annual purchases from MSMEs.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with respect to Micro, Small and Medium Industries:1. At present, no item is reserved for exclusive manufacturing in the MSME industry.2. More than 30% of Indias exports are produced by MSME industries .3. According to Public Procurement Policy, it is compulsory for all CPSEs to procure a minimum of 25% annual purchases from MSMEs.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with respect to Micro, Small and Medium Industries:1. At present, no item is reserved for exclusive manufacturing in the MSME industry.2. More than 30% of Indias exports are produced by MSME industries .3. According to Public Procurement Policy, it is compulsory for all CPSEs to procure a minimum of 25% annual purchases from MSMEs.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?.
Consider the following statements with respect to Micro, Small and Medium Industries:1. At present, no item is reserved for exclusive manufacturing in the MSME industry.2. More than 30% of Indias exports are produced by MSME industries .3. According to Public Procurement Policy, it is compulsory for all CPSEs to procure a minimum of 25% annual purchases from MSMEs.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with respect to Micro, Small and Medium Industries:1. At present, no item is reserved for exclusive manufacturing in the MSME industry.2. More than 30% of Indias exports are produced by MSME industries .3. According to Public Procurement Policy, it is compulsory for all CPSEs to procure a minimum of 25% annual purchases from MSMEs.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with respect to Micro, Small and Medium Industries:1. At present, no item is reserved for exclusive manufacturing in the MSME industry.2. More than 30% of Indias exports are produced by MSME industries .3. According to Public Procurement Policy, it is compulsory for all CPSEs to procure a minimum of 25% annual purchases from MSMEs.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?.
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