MSME definition to be modified, FISME calls for suggestions

Federation of Indian Micro and Small & Medium Enterprises (FISME) is calling for suggestions to put before the central government as they seek to revise the definition of Micro, Small and Medium Enterprises (MSMEs) in the country. The criteria for Udyam registration eligibility might also be reviewed.

The last drastic modification to the definition of Micro, Small and Medium Enterprises (MSME) occurred two years back in 2020 when the investment and turnover figures were increased to accommodate medium enterprises.

The recent rise in the raw material prices has increased the turnover of many small enterprises as a result of which they have crossed the threshold of small enterprises and graduated to medium. On the other hand, due to covid, turnover of many medium enterprises got affected and they became small businesses.

Read more at Financial Express