Revised MSME definition by the Finance Minister
Revised MSME definition by the Finance Minister https://www.fundstiger.com/revised-msme-finance-minister/ Delivering the economic package, part of the Aatmanirbhar Bharat Abhiyaan, Finance Minister Nirmala Sitharaman on Wednesday announced revisions in the definition of Micro Small and Medium Enterprises (MSME). Earlier, the MSMEs were defined on the basis of investments put in, now the revised definitions will also include turnover of the company. Sitharaman also declared that there will be no more distinction between Manufacturing and Service MSMEs. “Earlier, the criteria for manufacturing units and service units were different. Now those distinctions between Manufacturing and Service MSMEs are being removed. They will all be defined similarly,” she said. Micro units MSMEs will now be called Micro units if they have investments upto Rs 1 crore and turnover of less than Rs 5 crore. The definition earlier was on investment criteria of up to Rs 10 lakh for Service MSMEs ...