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ARTICLE · 15 JUNE 2020

Upliftment Of MSMEs- Extricating The Economy

King, Stubb & Kasiva
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The Ministry of Finance has been at the forefront, shielding the Micro, Small and Mediium enterprises (MSMEs) from the aftermath of the pandemic.

IndiaFinance and Banking
Mirza Aslam Beg
Mirza Aslam Beg
Avani Sinha
Avani Sinha
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The Ministry of Finance has been at the forefront, shielding the Micro, Small and Mediium enterprises (MSMEs) from the aftermath of the pandemic. The sole purpose was to avert the recession. The outbreak of the pandemic and ensuing countrywide lockdown had led to the closing down of various industries causing the MSMEs also to become distressed. Hence, to protect this sector, in conjunction with various provisions proposed to be brought into light lately, the government issued fresh statements vide press release on June 01, 20201.

Following the announcement of the relief package on May 13, 2020, the government decided to further raise the limit for medium manufacturing and service enterprises. The composite classification of the MSME2 with consideration of turnover notified on June 01, 2020 is reproduced below-

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