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Govt seeks states' comments on proposed amendments to MSME Act

Tags: MSME Act, SMEs, Chief Secretaries of states, Union Territories, manufacturing

November 25, 2014 | COMMENTS ( 0 )

Govt seeks states' comments on proposed amendments to MSME Act

Owing to the proposed amendments to the MSME Act, time-bound exit and revival of loss-making units, the union government has sought comments from the Chief Secretaries of states and Union Territories at the earliest, says a PTI report.

The amendments are likely to help SMEs consolidate the businesses and re-deploy capital in other greenfield ventures.

The present legal framework creates a huge hiccup for SMEs, be it human resources (promoters and employees), capital (banks & financial institutions) and physical resources (industrial land & buildings, plant, machinery, etc).

The proposed amendments include establishment of revival and exit committee, MSME facilitation council and establishment of appellate authority.

It also proposes to review the definition of MSME to enable them access more capital and make amendments in the provision relating to definition of MSMEs in the Act.

The PTI report further states that the amendment also suggests to multiply the capital ceiling for manufacturing units of micro enterprises from Rs 25 lakh at present to Rs 50 lakh and for small enterprises, the limit should go up from Rs 5 crore to Rs 10 crore.

It has also suggested tripling the limit for medium enterprises from Rs 10 crore to Rs 30 crore.

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