CHANDIGARH: Haryana deputy chief minister Dushyant Chautala stated on Sunday that in light of the altered definition of micro, small and medium businesses (MSME) from the central government, the state government has decided to prepare a distinct MSME directorate in its own sectors division
The directorate provides amenities like issuing all sorts of departmental NOCs and other processes for establishing enterprises under a single roof.
Chautala, that also holds the portfolio of Industries and Commerce Department, stated the MSMEs will be playing an essential part in the industrial and economical development of the country later on and their fiscal turnover will also rise.
He explained that at the new definition of MSMEs, plant and machinery or equipment in the production and services industry was substituted as investment and yearly turnover at the revised classification. The limitation of investment has also been raised for MSMEs, he added.
He explained that sooner for its micro scale ventures, the limitation of investment in the production industry was around Rs 25 lakh and in the service industry it had been up to Rs 10 lakh, which was raised to Rs 1 crore concerning investment as well as Rs 5 crore concerning annual turnover at the revised classification.
Likewise, for its small scale ventures, the limitation of investment in the production industry which was previously around Rs 5 crore and at the service industry it had been up to Rs two crore, has been raised up to Rs 10 crore concerning investment as well as Rs 50 crore in terms of annual turnover.
Though the limitation of investment to its Medium scale enterprises are increased as much as Rs 20 crore and also for yearly turnover it’s been increased as much as Rs 100 crore in the revised classification, which had been previously Rs 10 crore for its production industry and Rs 5 crore for its service industry.
Chautala said that the services industry together with the agriculture and allied industry and the manufacturing industry plays a main part in the GDP speed and there’s been a massive expansion in the service industry in that the National Capital Region (NCR) of Haryana, particularly in Gurugram. The earnings of the country will surely grow with the statement of the Central Government to incorporate the service industry in MSMEs.