MSMEs are the cornerstone of every country, and are an engine of global growth that facilitates sustainable prosperity for all. The Government of India thus funds and encourages MSMEs through means of different subsidies, programs and opportunities through the MSMED Act.
       It offers a variety; of incentives for industry, such as qualifying for lower interest rates, excise exemption program, tax subsidies, electricity tariff subsidies, capital expenditure subsidies and other assistance. MSME accounts for micro, small and medium-sized companies and any business that comes under each of these three groups.