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India to soon change definition of MSMEs: minister

24
Oct '19
Pic: Shutterstock
Pic: Shutterstock
India will soon make amendments to the definition of a micro, small and medium enterprise (MSME), according to MSME minister Nitin Gadkari, who recently said five crore jobs are expected to be generated in the sector in five years. Finance minister Nirmala Sitharaman had in August said amendment of the MSME Act would be considered for a single definition.

Gadkari was speaking on the sidelines of the Luxury Symposium 2019.

The update may allow a single definition for purposes related to taxation, investment, etc and may lead to further improvement in India's ease of doing business scenario, according to a report in a top business daily.

In February last year, the Union Cabinet had approved amendments to the law to change the criteria for classifying MSMEs from 'investment in plant and machinery' to 'annual turnover'.

Gadkari said the government is in the process of sanctioning 13 clusters under the Solar Vastra scheme and every cluster has a potential to create 3,000-3,500 jobs.

Fibre2Fashion News Desk (DS)


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