Govt redefines MSMES, includes turnover

While announcing a plethora of measures in the first part of the special economic package, the Finance Minister Smt. Nirmala Sitharaman on Tuesday revised the definition of MSMEs. As per the new definition, any firm with investment up to Rs 1 crore and turnover under Rs 5 crore will be classified as “Micro”. Further, a firm with investment up to Rs 10 crore and turnover up to Rs 50 crore will be classified as “Small”; while a firm with investment up to Rs 20 crore and turnover under Rs 100 crore will be classified as “Medium.”