Reclassification of MSMEs will help manufacturing, increase employability: Smriti Irani
New Delhi, Feb 13 (KNN) Commenting on the government’s decision to revise the criteria for classification of the Micro, Small and Medium Enterprises, Textiles Minister Smriti Irani said that the turnover based classification will help MSMEs and also lead to higher employment prospects in the sector.
Irani further said that reclassification of MSMEs and 5 percent reduction in tax on annual turnover of companies up to Rs. 250 crore will help manufacturing and increase employability in textiles sector.
Increase in customs duty on silk and manmade fibre will discourage cheap Chinese textile products from flooding the market and benefit domestic manufacturers in the power loom sector, Irani added.
Highlighting the announced package for the textile sector, Irani informed that of the 6000 crore special package, Rs. 1800 crore have already been released and Rs. 300 crore will be released during the current financial year.
“The package envisages over 100 % increase in allocation for skill development in Textiles sector”.
Listing the initiatives taken by her office, the Minister informed over Rs.138 crore has been disbursed to 28000 weavers as Mudra loan and 1.8 lakh garment workers have formally joined Employees Provident Fund Organisation (EPFO). (With PIB Inputs) (KNN/DA)