SME Times News Bureau | 03 Jun, 2020
A day after the definition of micro, small and medium enterprises
(MSMEs) was widened, Congress leader Rahul Gandhi on Tuesday said that
one third of the MSMEs in India are closing down permanently and it
would be criminal not to support them with cash.
tweeted: "11 crore Indians are employed by MSMEs. One third of them are
closing down permanently. It's criminal for the government of India not
to give them cash support immediately."
Hours earlier, he
tweeted: "Moody's has rated Modi's handling of India's economy a step
above JUNK. Lack of support to the poor and the MSME sector means the
worst is yet to come."
After change in MSME definition, entities
with a turnover of up to Rs 250 crore or investment up to Rs 50 crore
will qualify as medium enterprises. Union Minister Nitin Gadkari said
that the changes would benefit 6 crore MSMEs that together employ 11
Rahul had earlier said that MSMEs are facing an
unprecedented economic crisis and had emphasised the need for an
exhaustive economic package for all sections of society.
crore MSMEs generate over 11 crore jobs. Give 1 lakh crore Wage
Protection Scheme' & multi-crore 'Credit Guarantee Scheme' to MSMEs.
Give six months interest subsidy equal to six months of interest on
loan taken by MSMEs," Rahul Gandhi said in a statement on May 16.