New definition of MSMEs soon

  • IASbaba
  • March 20, 2020
  • 0
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New definition of MSMEs soon

Part of: GS Prelims and GS-III- Economy

In News:

  • 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.

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