Is MSME going to change definition of industry?

Entrepreneurs are excited by the changed definition of Micro, Small and Medium Enterprises (MSME) between the Corona transition and lockdown. The government has now also taken industries with annual turnover up to Rs 250 crore under MSME. Till now investments of Rs 10 crores and annual turnover of Rs 5 crores were considered as medium industries but now investments of Rs 50 crores and Rs 250 crores per annum will be in the category of medium industries. This new decision of the Modi government will be implemented from July 1.

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95% of entrepreneurs are likely to benefit from increasing annual business and investment in plant machinery for MSME category industries. Entrepreneurs have already started preparing to take advantage of the benefits that are available for MSMEs from the Central Government.

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Rajiv Chawla, chairman of IM SME of India, an organization formed to protect the interests of micro, small and medium industries, says that the new definition for MSME will bring a new change in the industry. Young people will come forward for self-employment. According to Chawla, the central government has ordered to give up to 200 crore rupees to government companies only. This will increase the impact of MSMEs. So far MSMEs did not even try to take such big work. Now, as the competition will also be between the domestic companies, each industry will get a chance to expand itself.

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