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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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