Organisations urge government to withdraw MSME bill

[vc_row][vc_column][vc_column_text]The government had recently put forth its intention to change the definition of the micro, small and medium enterprises (MSME), by introducing a bill that sought to change the definition of the MSMEs. The existing criterion is “investment in plant and machinery or equipment” and the proposed criterion is “annual turnover” of the enterprise.
The Laghu Udyog Bharti and Swadeshi Jagran Manch together have opposed the change of definition and criterion for MSMEs. At a conference having the theme “Dangers of changing definition of MSME”, former HRD Minister Murli Manohar Joshi, Udyog Bharti National President Jitender Gupt, Swadeshi Jagran Manch National Co-convenor Ashwani Mahajan spoke about the dangers of changing the
definition of MSMEs.
As per the proposed definition, those with an annual turnover of INR 5 crore will be classified as micro unit, those with a turnover of up to INR 75 crore will be classified as small units, and those with turnover of up to INR 250 crore will be the medium units.
The organisations in a statement expressed fears that the new definition would negate most of the benefits that the MSME units enjoyed. Make in India will suffer and youth will lose jobs. The group’s statement urged the prime minister and the MSME ministry to stop the Bill in the interests of small industries, the Make In India, entrepreneurship development and our youth who dream of working for India.[/vc_column_text][/vc_column][/vc_row]