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'Revised definition to boost MSMEs confidence'
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SME Times News Bureau | 02 Jun, 2020
The revised definition will give micro, small and medium Enterprises
(MSMEs) confidence to grow and will promote their expansion,
Confederation of Indian Textile Industry (CITI) Chairman T. Rajkumary
said on Monday.
The industry body welcomed the decisions of the
Union Cabinet chaired by Prime Minister Narendra Modi for providing
economic support to MSMEs, farmers, street vendors and the agricultural
sector.
He said MSMEs, which have a 29 per cent share in the
country's GDP and 48 per cent share in the country's exports and provide
employment to millions of people, will receive maximum benefits from
the change in the definition of MSME under which turnover limit for
medium enterprises has been revised upward.
Under the new definition, the distinction between manufacturing and services enterprises has also been eliminated.
The
CITI Chairman pointed out that in the revised definition, even small
weaving mills may be able to come and because of this, many garment
manufacturers will be benefited.
The Centre's revision in the
definition of MSMEs will give MSMEs the much-needed confidence to grow
and will promote its seamless expansion in the country, he said.
He
also welcomed the decision of Distressed Asset Fund of Rs 4,000 crore
created to help weaker MSMEs that are struggling through NPA norms due
to the outbreak of Covid-19 pandemic. This fund will bring them back
into the business and they can start the business activities afresh with
the help of this fund, he said. Further Rs 20,000 crore subordinated
debt for stressed MSMEs is likely to benefit 2 lakh stressed MSMEs.
As
per the new definition, businesses with investment of less than Rs 1
crore and turnover of Rs 5 crore would be classified as micro
enterprises while, the businesses with investment of Rs 10 crore and the
turnover of less than Rs 50 crore will come under small enterprises.
Similarly,
companies with investment of Rs 50 crore and turnover of up to Rs 250
crore would be classified as medium enterprises.
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