New definition of MSME will be implemented by the new elected government: Giriraj Singh
The Parliamentary Standing Committee on Commerce & Industry has recommended some improvements in definition of Micro, Small and Medium Enterprises (MSMEs), and the changes will be implemented by the new government that will be elected in May, said Giriraj Singh, Minister of State (Independent Charge) for MSME.
He was speaking with KNN India on the sidelines of, ‘Cluster Conclave and 5th Responsible BMO Award: Innovate to lead’.
A Bill specifying the turnover of a business entity which would classify it as MSMEs, was introduced by the Singh in the Lok Sabha on 23 July, 2018.
The MSMEs Development (Amendment) Bill provides for change in the criterion of classification of MSMEs from the existing based on 'investment in plant and machinery or equipment' to 'annual turnover' of the enterprise.
The matter right now is in Lok Sabha and will be passed further, he added.
When asked about the promotion of MSMEs in the 117 identified Aspirational District identified by Niti Ayog Singh said, “According to the needs of the MSMEs in the 117 Aspirational Districts identified by Niti Ayog, the Ministry provide them assistance and help.” (KNN Bureau)