Apparel Export Promotion Council (AEPC) Chairman Dr A Sakthivel thanked the Government for excluding turnover from exports in calculating the turnover limit while defining Micro, Small and Medium Enterprises (MSMEs).
“I sincerely thank Hon’ble Prime Minister Shri Narendra Modi, MSME Minister Shri Nitin Gadkari, Textiles Minister Smt Smriti Zubin Irani and Commerce Minister Shri Piyush Goyal for accepting our request to keep the investment criterion of Rs 50 crore alone to define the medium scale units irrespective of the unit’s turnover in the export sector,” AEPC Chairman Dr A Sakthivel said.
The Chairman said that as the exporters’ turnover depends upon the foreign exchange rates and since rupee value has continuously weakened for the last 10 years, the AEPC had requested the Government to remove the turnover criterion for defining MSMEs in the exports sector.
“Today’s decision will propel India’s exports and strengthen the MSME sector, which is the key to India becoming self-reliant. Further, the decisions to allow MSMEs get listed and the provision of distressed asset fund for MSMEs will give a major stimulus to the sector, job generation and revival of the economy,” Dr Sakthivel said.
He thanked the Hon’ble MSME Minister for setting up the Rs 20,000 crore subordinate debt for stressed MSMEs and equity infusion of Rs 50,000 crore through a fund of funds.