Port Wings News Network:
Commenting on the announcement made by Shri Nitin Gadkari, Union Minister for MSME, Sharad Kumar Saraf, President, FIEO, said that enhancement of the turnover limit for Medium units from Rs 100 Cr to Rs 250 Cr is most pragmatic and will also infuse technology as in certain sectors margins are so low that enhancement in investment in plant and machinery would not have been of much use unless accompanied by increase in turnover limit to Rs 250 Cr. Such a move will also bring automation of certain processes which are required for competitive manufacturing.
Mr Saraf thanked the Union Minister for MSME for accepting FIEO’s request for excluding exports turnover from total turnover which will help in internationalisation of MSME and will bring their focus on exports. This will also benefit a lot of gems and jewellery companies, who would have breached the MSME criteria due to sheer cost of their inputs.
FIEO chief hoped that the share of MSMEs in the country’s exports will rise from 40% to 50% in the next five years.