According to the Ministry of Micro, Small & Medium Enterprises on Wednesday told that from 1st July, a new classification of MSMEs which is based on new criteria that will be approved by the government.
As per the revised data, a unit of Rs. 50 crore of investment & Rs.250 crore turnover will be fall under the 'medium' enterprise category.
The revision has been announced in Atmnirbhar Bharat package on 13th May by Nirmala Sitharaman.
A new composite formula of classification for manufacturing & services units has been notified. As of now there will be no difference between manufacturing & service related industries.
MSME officials told that this new definition will pave way for strengthening & growth of MSMEs. The provision of excluding exports from the counting of turnover will encourage the MSMEs for exporting more & more with fear of loosing the benefits of MSME unit.