Uttarakhand Chief Minister Trivendra Singh Rawat has said that the MSME sector plays an important role in the development of the State and with Centre defining MSMEs in a new way the enterprises in the State will be benefitted.
"The MSME sector has an important role in the development of Uttarakhand," said Rawat. "Employment generation is a major source, with the Central government defining MSMEs in a new way, the micro, small and medium enterprises of the State will benefit which will have a positive impact on the development of the state," he added.
According to the Chief Minister's Office, investment limit has been increased in micro, small and medium enterprises, now the investment in plant and machinery up to Rs one crore and enterprises with turnover up to Rs five crore will come under the category of microindustry.
Similarly, enterprises with investment up to Rs 10 crores and turnover up to Rs 50 crores will come under the category of small enterprises, while enterprises with investment up to Rs 50 crores and turnover up to Rs 250 crores will come under the category of medium enterprises.
Under the self-sufficient package, many provisions have been made by the Central government for the MSME sector.
In order to enable the Indian industry to expand and get the necessary facilities, a new classification of the MSME sector was done. In this, the limit of investment has been increased and turnover has also been taken as its standard.
( With inputs from ANI )