A bill was introduced in the Lok Sabha on Monday seeking to change the classification of Micro, Small and Medium Enterprises (MSMEs) from that based on "investment in plant and machinery/equipment" to "annual turnover".
The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2018, introduced by Micro, Small and Medium Enterprises Minister Giriraj Singh, seeks to amend Section 7 of the 2006 to provide for micro enterprise to be defined as a unit where the annual turnover does not exceed Rs 5 crore.
A small enterprise will be defined as a unit with turnover of more than Rs 5 crore and up to Rs 75 crore and a medium enterprise will be a unit with annual turnover of more than Rs 75 crore but not more than Rs 250 crore.
The new bill was introduced after the minister took consent of the house to withdraw The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2015.
--IANS
ps/vd
Disclaimer: No Business Standard Journalist was involved in creation of this content
