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After long wait, MSME sector gets new definition
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SME Times News Bureau | 13 May, 2020
In a major move to benefit several businesses in the country, the Centre
has decided to review the definition of micro, small and medium
enterprises (MSME) and announced increase of investment limits.
Addressing
the media here, Finance Minister Nirmala Sitharaman said the additional
criteria of turnover has also been introduced for recognition of an
MSME.
Further, the government has also done away with the distinction of services and manufacturing MSME.
As
per the new changes, businesses with investment of less than Rs 1 crore
and turnover of Rs 5 crore would be classified as micro enterprises.
Under the existing criteria, a company with investment of less than Rs
25 lakh in the manufacturing sector and less than Rs 10 lakh in the
services sector were considered micro enterprises.
The investment
limit of small enterprises has been increased to Rs 10 crore, and the
companies would have to have turnover of less than Rs 50 crore.
Further,
the investment limit for medium enterprises has been increased to Rs 20
crore and the turnover limit has been kept at Rs 100 crore.
Sitharaman said that the necessary amendments to laws will be brought about to give effect to the changes.
Among
other measures for MSMEs, she also announced a collateral free
automatic loans for businesses including MSMEs up to Rs 3 lakh crore.
Under
the measure, borrowers with up to Rs 25 crore outstanding and Rs 100
crore turnover would be eligible for the special collateral free loan.
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