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Covid-19 package: MSME definition changed, loans worth Rs 3-trn announced

Govt announces 10,000 crore fund of funds for MSMEs to grow, cancels global tenders below Rs 200 crore

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Sitharaman stressed that the investment limit for MSMEs was being revised upwards, so that companies with more capital can still claim the benefits of being a small business | Photo: Sanjay K Sharma

Subhayan Chakraborty New Delhi

5 min read Last Updated : May 14 2020 | 1:12 AM IST

Industry bodies representing micro, small and medium enterprises (MSMEs) and India Inc as a whole on Wednesday lauded the government’s move to provide the sector a new investment-friendly definition, a slew of loans, a massive fund, and the attempt to push the sector towards formalisation.

One of the sectors that have been hit hard by the Covid-19 pandemic, MSMEs have found pride of place in the government’s economic package to deal with the crisis.

In a surprise move, Finance Minister Nirmala Sitharaman on Wednesday announced a change in definition of MSMEs, a proposal that had languished with a parliamentary standing

Topics : Coronavirus Nirmala Sitharaman MSMEs Nitin Gadkari IT-ITeS sector

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