Thanking the Indian government for excluding turnover from exports in calculating the turnover limit while defining micro, small and medium enterprises (MSMEs), Apparel Export Promotion Council (AEPC) chairman A Sakthivel said the council had requested the government to remove the turnover criterion for defining MSMEs in the exports sector. In a statement today, Sakthivel thanked the government for accepting the council’s request “to keep the investment criterion of ₹50 crore alone to define the medium scale units irrespective of the unit’s turnover in the export sector”.
He said as exporters’ turnover depends upon foreign exchange rates and the rupee’s value has continuously weakened for the last 10 years, the AEPC had requested the government to remove the turnover criterion. “Today’s decision will propel India’s exports and strengthen the MSME sector, which is the key to India becoming self-reliant. Further, the decisions to allow MSMEs get listed and the provision of distressed asset fund for MSMEs will give a major stimulus to the sector, job generation and revival of the economy,” Sakthivel added.