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.