You are here: Home » Economic Revival » MSME » News
Business Standard

Key decisions announced in the Cabinet briefing today

Mr Javadekar said MSMEs are the backbone of India's economy and therefore the Cabinet has made a road map for implementation of decisions for the MSME sector

Topics
MSME listings | MSME | Lockdown

Sukanya Roy  |  New Delhi 

Well, this was the first Cabinet meeting in the second year of the Modi government. Information and Broadcasting Minister today made some historic announcements that are likely to have a major impact on farmers, and

In the press briefing, Mr Javadekar said are the backbone of India's economy and therefore the Cabinet has made a road map for implementation of decisions for the sector under the Atmanirbhar Bharat package.

The Cabinet has cleared definition changes for the sector. So what is the new defination?

According to the new definitions, with an investment of Rs one crore and turnover of Rs 5 cr will be classified as micro-units. Units with an investment of Rs 10 crore and turnover of Rs 50 crore will be recognised as small units, while those with an investment of Rs 50 crore and turnover of Rs 250 crore will be classified as medium units. Moreover, exports will not be excluded from the turnover cap.

Joining the press conference, Nitin Gadkari, minister for road transport & highways and MSMEs said that 60 million MSMEs contribute 29 per cent to India's GDP. He further said that MSMEs account for 48 per cent of the country's exports, and generate 110 million jobs. He claimed that these decisions will help strengthen the Indian economy.

Listen to the Podcast for more

MONTHLY STAR

Business Standard Digital

Business Standard Digital Monthly Subscription
149.00  
subscribe
Complete access to the premium product
Convenient - Pay as you go
Pay using Master/Visa Credit Card & ICICI VISA Debit Card
Auto renewed (subject to your card issuer's permission)
Cancel any time in the future
Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for speedy action. Requests mailed to any other ID will not be acknowledged or actioned upon.

SMART MONTHLY

Business Standard Digital

Business Standard Digital - 12 Months
1499.00
subscribe
Get 12 months of Business Standard digital access
Single Seamless Sign-up to Business Standard Digital
Convenient - Once a year payment
Pay using an instrument of your choice - Credit/Debit Cards, Net Banking, Payment Wallets accepted
Exclusive Invite to select Business Standard events

What you get

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all content on any device through browser or app.
  • Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • This product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the mail with the request to assist@bsmail.in. Include your contact number for easy reference. Requests mailed to any other ID will not be acknowledged or actioned upon.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, June 01 2020. 19:09 IST