Atmanirbhar Bharat: Union Cabinet approves changes in definition of MSMEs

The government also approved an equity scheme for MSMEs worth Rs 50,000 crore

The Narendra Modi government on Monday announced policy changes for the MSME sector as part of the Atmanirbhar Bharat package.

In the first Cabinet meeting in the second year of the Narendra Modi government, it approved changes to the definition of MSMEs.

According to the new definitions, MSMEs with an investment of Rs 1 cr and turnover of Rs 5 cr will be classified as micro-units. Units with an investment of Rs 10 cr and turnover of Rs 50 cr will be classified as small units while those with an investment of Rs 50 cr and turnover of Rs 250