New Delhi, Oct. 23 -- With a hope to generate five crore jobs in the Micro Small and Medium Enterprises (MSMEs) in five years, the Union Minister Nitin Gadkari has said that the government will soon change MSMEs' definition.
The new definition is likely to be effected through an amendment to the MSME Act and may lead to further improvement in India's ease of doing business scenario.
Finance Minister Nirmala Sitharaman had also said in August the government would consider amending the MSME Act to move towards a single definition.
In February last year, the Union Cabinet had approved amendments to the law to change the criteria for classifying MSMEs from 'investment in plant and machinery' to 'annual turnover'.
Notably, the MSME Minis...