*Major decisions of Cabinet today for relief to distressed economy and revision in Definition of MSME w.e.f. June 1 2020*
As per the decision taken today by Cabinet, the Micro enterprises
with less than Rs 1 crore investment and less than Rs 5 crore turnover would now qualify as micro enterprises.
Small enterprises
Businesses with an investment of less than Rs 10 crore and turnover less than Rs. 50 crore will now be classified as small enterprises.
Medium enterprises: The definition for medium enterprises has been revised upwards to an investment less than Rs. 50 crore and a turnover less than Rs 250 crore.
Other major decisions :
1. Rs 50,000 crore equity investment assistance for MSMEs
2. Cabinet clears a credit scheme for street vendors. Scheme for street vendors is called PM SVANIDHI
3. Farmers will get time till August 31 20 to repay their loans, and those who clear their dues can avail loans at a 4 percent interest rate.
4. Norms for loans to farmers under Kisan credit card scheme have been eased.
5. Cabinet approves hike in minimum support price (MSP) for 14 crops. Farmers will get 50-83 percent more than the cost for kharif crops.
Submitted for your Information and updates.
@VikasGPedia
Radhe Krishna🙏
Regards
CS Vikas Gupta
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