Newsflash on Overview of New Framework for MSME Eligibility and Registration

In accordance with the announcement made by Hon’ble Prime Minister on 12 May 2020 pertaining to special economic and comprehensive stimulus package of Rs 20 lakh crores, the Hon’ble Finance Minister, on 13 May 2020, announced various measures for relief and credit support related to businesses, especially MSME related relaxations to support Indian Economy’s fight against COVID-19.

One important announcement was with respect to change in the definition of MSME recognition criteria, which is intended to increase its coverage. In accordance with the same, the Government issued a Notification [S.O. 2119(E). dated 26 June 2020] providing for the revised classification criteria, the calculation aspects (Investment in Plant & Machinery and Turnover) and the registration procedure for the MSMEs.

The erstwhile and revised threshold limits for classification are as provided below:

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