MSMEs hold 29% share in the country’s GDP and 48% share in the country's exports and provide employment to millions of people.
The textile sector said it will not only help the sector grow but promote seamless expansion.
The textile sector welcomes the Centre’s decision to revise the definition of MSMEs and says that it will not only help the sector grow but promote seamless expansion, ease of doing business as well as attract huge investments.
Increasing sales turnover limit to Rs 250 crore from the recently announced turnover of Rs 100 crore while excluding export sales turnover from this calculation would greatly benefit the highly labour-intensive and fragmented textiles, and clothing sector, the industry said.
T Rajkumar, chairman, Confederation of Indian Textile Industry, said, MSMEs, which hold 29% share in the country’s GDP and 48% share in the country’s exports and provide employment to millions of people, will benefit maximum from the change in the definition.
The textile sector said it will not only help the sector grow but promote seamless expansion.
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