SME Times is powered by   
Search News
Just in:   • Biden urges Senate to quickly pass $1.9trn relief package  • T'gana's IT exports would've been higher: KTR  • 'Nirman by ATS' to vie for stalled realty projects  • Agri export prospects bright on bullish commodity prices  • Buffett warns fixed-income investors of bleak future 
Last updated: 05 Jan, 2021  

msme-THMB-2010.jpg MSME policy measures in 2020

   Top Stories
» Agri export prospects bright on bullish commodity prices
» Centre finalises One District One Focus Product
» 'Apparel exporters in Faridabad should get benefits of EPCG'
» 'Engineering exports pushed by non-ferrous metals demand'
» 'Improved economic environment to boost FY21 credit growth'
Bikky Khosla | 05 Jan, 2021

The year 2020 witnessed manifold effects of a tumultuous pandemic -- massive loss of human lives, collapse of economies, industrial doom and job losses. But it led governments across the world to go for some never-seen-before measures to revive their economy and industrial sectors. In India also, among other sectors, the MSME sector, was injected with massive stimulus packages, and we also witnessed several significant reforms for which the sector would otherwise have to wait for years.

One among such path-breaking reforms include change in definition of MSMEs, according to which these units are now defined based on a composite criteria of investment in plant & machinery/equipment and turnover. After 14 years since the MSME Development Act came into existence, the revised definition was announced. Also, the Centre accepted the demand of the export sector for excluding revenue collected through exports from the turnover limits fixed for MSME.

Another significant development was in terms of delayed payment. As part of the Atma Nirbhar Bharat package, it was announced that MSME dues should be paid in 45 days, following which regular follow-up and concerted efforts were made for payment of dues to the sector. Also, the MSME Ministry launched the SAMADHAAN portal to enable MSEs to directly register their cases relating to delayed payments by Central Ministries or Departments or CPSEs or State Government and other buyers.

Several other positive steps, including financial support mechanism through Fund of Funds, introduction of IT based Champions, encouragement for entrepreneurship amongst khadi & village industries and to promote self-employment, launch of Udyam Registration Portal, organising of different skill development programmes throughout the country, etc. helped the sector a lot. No doubt, the pains of 2020 are still very much with us, but the days ahead will definitely be better.

I invite your opinions.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 01 Mar, 2021
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» Cryptocurrency Bill: Killing the messenger?(1)
» L&T secures Rs.3.44 billion project from Power Grid(1)
» Canada: Variant cases surge as overall Covid-19 numbers drop(1)
» CBDT refunds over Rs 1.93 lakh cr to 1.90 cr taxpayers since April(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter