Union Minister for MSMEs informed the Rajya Sabha that the government would come out with a new definition of MSMEs, which are currently defined on the basis of investment in plant and machinery, by the end of the ongoing session.
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Government has accepted 39 suggestions by the K. Sinha committee on MSMEs appointed by the Reserve Bank of India, including the setting up a “fund of funds” for the sector.
The MSME sector currently contributed 24% of the GDP growth and 48% of exports, with an annual turnover of ₹1 lakh crore this year. A target of ₹5 lakh crore in five years had been set.
Among the hurdles before the sector was the pending payments by governments and public sector undertakings, which were ₹5.5 lakh crore to ₹6 lakh crore. These dues needed to be cleared in order to boost the sector.
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