Based on the new definition, the MSMEs will be able to explore business avenues, owing to the addition of turnover criteria, says Nitin Gadkari NEW DELHI : The imposition of stringent lockdown measures for over 65 days to contain the coronavirus pandemic brought economic activity to a standstill, hitting small businesses—major job creators and the backbone of the Indian economy—the worst.
Last month, the government announced a slew of measures to rescue the micro, small and medium enterprises (MSMEs), which included collateral-free, automatic loans of up to ₹3 trillion backed by government guarantee, and updated definition of MSMEs, besides expediting payment of pending dues.