Bill introduced in Lok Sabha to change classification of MSMEs

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New Delhi, July 23 (IANS) 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.

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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

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