News > Centre announces Rs 20,000 crore fund for MSMEs and hikes MSP for 14 Kharif crops

Centre announces Rs 20,000 crore fund for MSMEs and hikes MSP for 14 Kharif crops

Firstpost | 01/06/2020 06:45 PM | Click to read full article

In a boost to the Micro, Small and Medium Enterprises (MSMEs) sector, worst-affected by the coronavirus crisis, the Union Cabinet on Monday revised the definition of MSMEs and announced a distress fund for this sector. According to the new definitions, micro-units will be those with an investment of Rs 1 crore and turnover of Rs 5 crore, medium units revised to Rs 50 crore investment and  Rs 250 crore turnover; small businesses will be with an investment of Rs 5 crore and turnover of Rs. 50 crore. The meeting came on a day when India entered the first of three-phase 'Unlock plan' announced by the MHA.