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Micro, small and medium enterprises


Investment - ₹1 crore

Turnover - ₹5 crore


Investment - ₹10 crore

Turnover - ₹50 crore

The Government of India defines micro, small, and medium enterprises on the basis of investment (plant / machinery / equipment) and annual turnover. 

As formal enterprises, MSMEs can avail benefits such as subsidies on patent registration, electricity bills, and collateral-free loans. Most crafts-based enterprises/startups tend to fall within the MSME category. However, they are often left behind because their requirement for capital, approach to labour relationships, etc. differ significantly from other formal enterprises.


Investment - ₹50 crore

Turnover - ₹250 crore


Goods and Service Tax

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.


A Panchayat is an elective council of about five members organised in India as an organ of village self-government. It covers the village level (Gram Panchayat), clusters of villages (block Panchayat) and the district level (District Panchayat).


Provident Fund

A provident fund is a government-managed, mandatory retirement savings scheme used in India, Singapore, and other developing nations.

Provident Fund

National Bank for Agriculture and Rural Development

NABARD is a Development Bank with a mandate for providing and regulating credit and other facilities for the promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas.


Self-help Group

An informal community-based association of 10-20 women from similar socio-economic backgrounds. Each SHG is given a unique ID and name for identification. The group functions as a financial intermediary for savings and credit, even serves as a platform to advocate for local issues.

Aadhar Card

Aadhaar Card

An identity document comprising 12 digit numbers issued to all Residents of India by the Unique Identification Authority of India.


Dematerialised Account

Provides the facility of holding shares and securities in an electronic format.

Artisan Card

Artisan ID Card

Rolled out as a nationwide scheme in 2006, this is an identity card issued exclusively to craftspersons in India. The card provides artisans easier access to formal infrastructure such as finance and credit, State run welfare schemes, and other benefits.

Pan Card

PAN Card

A government issued identity card with a ten digit alphanumeric code to which all the financial transactions of an individual are mapped.


Confederation of Indian Industry

A membership-based, non-governmental trade association and advocacy group, CII engages business, political, academic, and other leaders of society to shape global, regional, and industry agendas.

Federation of Indian Chambers of Commerce and Industry

Established in 1927, FICCI is the largest and oldest apex business organisation in India. A non-government, not-for-profit organisation, it is the voice of India's business and industry - influencing policy, encouraging debate, engaging with policy makers and civil society, and articulates the views and concerns of industry.


Farm Producer Companies

A Farmer Producer Company is a hybrid between cooperative societies and private limited companies. The objective of FPCs is to organise farmers into a collective to improve their bargaining strength in the market.

Padma Shri

Padma Shri

The fourth-highest civilian award in the Republic of India, after the Bharat Ratna, the Padma Vibhushan and the Padma Bhushan, the Padma Shri seeks to recognise ‘distinguished service’ in all fields of activities or disciplines where an element of public service is involved.

The ‘New Formal'

Citation: The New Formal (Krishnamoorthy & Kapur, 2021)

New Formal

Kala Raksha Vidhyalaya

Kala Raksha Vidhyalaya was a Gujarat-based design education institution for artisans. Its flagship programme was founded and created by Ashoka Fellow Judy Frater. While the Kala Raksha Vidhyalaya programme is no longer in operation, Frater has gone on to build Somaiya Kala Vidya that runs both design and entrepreneurship education for artisans.

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