The current definition of MSMEs relies on self-declared investment on plant and machinery. Photo: SaiSenThe Union cabinet on Wednesday approved a proposal to redefine micro, small and medium enterprises, or MSMEs, based on their annual revenue, replacing the current definition that relies on self-declared investment on plant and machinery. The definition based on turnover is more rational and objective, said Bipin Sapra, partner at consultancy firm EY. Some experts suggested that this could be followed up with further relief to MSMEs under the bankruptcy code. These discoveries are estimated to have 194.65 million tonnes of oil and oil equivalent gas in place.

Source: Mint February 07, 2018 18:22 UTC