New Delhi, Jun 1 : In line with Government of India's top focus on energising MSMEs in the country, the Cabinet Committee on Economic Affairs (CCEA) approved the upward revision of MSME definition and modalities for laying down effective implementation mechanism for the remaining two announcements under the Atmanirbhar Bharat Package.
Briefing reporters after the meeting convened under the Chairmanship of Prime Minister Narendra Modi, Union Minister Prakash Javadekar, flanked by MSME minister Nitin Gadkari and Agriculture Minister Narendra Tomar, said the government laid down the road map for effective implementation of announcements under the Atmanirbhar Bharat Package including upward revision of MSME Definition.
This is yet another step towards ease of doing business and will help in attracting investments and creating more jobs in the MSME sector, he said. Mr Javadekar said it was decided to further increase the limit for medium manufacturing and service units. After the package announcement on May 13, there were several representations that the announced revision is still not in tune with market and pricing conditions and it should be further revised upwards.
In the announcement, the definition of micro manufacturing and services unit was increased to Rs 1 crore of investment and Rs 5 crore of turnover. The limit of the small unit was increased to Rs 10 crore of investment and Rs 50 crore of turnover. Similarly, the limit of a medium unit was increased to Rs 20 crore of investment and Rs 100 crore of turnover. It may be noted that this revision was done after 14 years since the MSME Development Act came into existence in 2006. More (UNI)