1 week, 6 days ago

MSME makeover: New definitions unlock bigger benefits, faster resolutions

New Delhi: India’s micro, small, and medium enterprises have new definitions that promise to open doors wider for them this financial year as well as improve their chances of securing delayed payments faster. The new definitions will push a considerable number of medium-sized businesses into the category of small enterprises, allowing them access to benefits such as the government’s public procurement policy, the government's e-marketplace for exports, and access to dispute resolution services for delayed payments. India’s Micro, Small, and Medium Enterprises Development Act, which came into force in 2006, allowed only micro and small enterprises access to certain benefits, leaving out businesses categorised as medium-sized enterprises. As of November, India had about 61.62 million micro enterprises, 470,492 small enterprises, and 34,752 medium-sized businesses, as per the ministry of micro, small and medium enterprises’ Udyam registration platform.

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India Access Crore Small Msme Medium Turnover Definitions Delayed Payments Small Enterprises Medium Enterprises Micro Enterprises New Definitions Bigger Benefits
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Live Mint
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