New definition of MSMEs soon
Part of: GS Prelims and GS-III- Economy
- The government would come out with a new definition of MSMEs, which are currently defined on the basis of investment in plant and machinery
- Government has accepted 39 suggestions by the U.K. Sinha committee appointed by RBI, including the setting up a “fund of funds” for MSME sector.
- The MSME sector currently contributed 24% of the GDP growth and 48% of exports, with an annual turnover of ₹1 lakh crore in FY20.