NEW INDIA: Finance minister Nirmala Sitharaman on Wednesday said the government has revised the definition for micro, small and medium enterprises, setting higher limits for investment and turnover to help them grow.
The new limits will replace the earlier definition that relied on self-declared investment on plant and machinery to align them better with goods and services tax (GST) regime, besides encouraging ease of doing business.
In case of micro manufacturing and service enterprises, the investment limit has been increased to up to ₹1 crore and turnover limit has been raised to up to ₹5 crore.
Till now, for micro manufacturing enterprises, the investment limit was ₹25 lakhs and ₹10 lakh for the service sector. “Some MSMEs felt that if