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Last updated: 01 Jun, 2020  

Exports.9.Thmb.jpg Exporters hail exclusion of export turnover, enhancement of turnover limit of MSME

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SME Times News Bureau | 01 Jun, 2020

Exporters’ association Federation of Indian Export Organisations (FIEO) on Monday welcomed the Modi-government’s decision to exclude export turnover and enhancement of turnover limit of MSME.

Commenting on the announcement made by MSME Minister Nitin Gadkari, FIEO President Sharad Kumar Saraf said that enhancement of the turnover limit for Medium units from Rs 100 Cr to Rs 250 Cr is most pragmatic and will also infuse technology as in certain sectors margins are so low that enhancement in investment in plant and machinery would not have been of much use unless accompanied by increase in turnover limit to Rs 250 Cr.

Such a move will also bring automation of certain processes which are required for competitive manufacturing, he added.

Saraf thanked the Union Minister for MSME for accepting FIEO's request for excluding exports turnover from total turnover which will help in internationalisation of MSME and will bring their focus on exports.

This will also benefit a lot of gems and jewellery companies, who would have breached the MSME criteria due to sheer cost of their inputs.

The FIEO Chief hoped that the share of MSMEs in the country's exports will rise from 40% to 50% in the next 5 years.

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