Industry backs govt's move to have a single definition for small businesses

However, they are opposing the decision to base definition only on annual turnover

Industry bodies representing micro, small and medium enterprises (MSMEs) have backed the government’s decision to have a single definition for small businesses for taxation, investment and other business purposes. But they have opposed the decision to base the definition only on annual turnover. 

Work on changing to a new definition is afoot and an announcement may be made within 15 days through an amendment to the MSME Act, 2006, MSME Minister Nitin Gadkari said on Friday.

The existing definition relies on self-declared investment on plant and machinery. Since February 2018, when the Cabinet approved the proposal, the government had pushed to redefine