"We are thinking on a mechanism on how can we take micro, small and medium enterprises forward. As of today, definition of a MSME is based on capital infused. We are thinking of defining it on the basis of employees, total revenue and capital", Department of Micro, Small and Medium Enterprises, Secretary K K Jalan said here.
"We need to learn from the United States and China for propping up the SME industry (in India)", he said.
Noting that states play a large role in encouraging MSMEs, he said Government had asked states to hold SME conventions to encourage entrepreneurs share knowledge and ideas.
"We have asked the States to hold SME conventions. In fact Madhya Pradesh has become the first State to do an SME Convention", he said.
Stating that the MSME sector yet to improve on various issues like skill development and use of technology, Jalan said the government was aware that regulatory compliance was the 'same' whether it was a bigger manufacturing company or a small firm engaged in the MSME sector.
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