NEW DELHI: Finance Minister Nirmala Sitharaman’s eighth Budget provided a shot in the arm to micro, small and medium enterprises, as she proposed a slew of measures including enhancement of investment and turnover limits for their classification, increase in credit guarantee cover for micro and small enterprises and customised credit cards for micro entities registered on the Udyam portal.
As per the Budget announcement, any firm with an investment of up to Rs 2.5 crore and turnover under Rs 10 crore are classified as “micro”. A company with investment of up to Rs 25 crore and turnover of up to Rs 100 crore are classified as “small” and those with investment of up to Rs 125 crore and turnover under Rs 500 crore will be classified as “medium”.
The Finance Minister described MSMEs as the second power engine for development, as they constitute 45 per cent of the country’s exports.
Source: PTI News
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