New Delhi, April 3 -- India's micro, small, and medium enterprises have new definitions that promise to open doors wider for them this financial year as well as improve their chances of securing delayed payments faster.

The union government, in a notification dated 21 March, amended the definitions of micro, small, and medium enterprises, raising limits for investments in plant and machinery as well as turnover from this fiscal year.

The new definitions will push a considerable number of medium-sized businesses into the category of small enterprises, allowing them access to benefits such as the government's public procurement policy, the government's e-marketplace (GeM) for exports, and access to dispute resolution services for delayed ...