The Cabinet determination to exclude the income from exports, for availing concessions given to Small, Micro and Medium Enterprises, will profit many struggling textile corporations and assist boost exports.
The turnover limit for medium enterprises have been elevated from Rs 100 crore to Rs 250 crore.
Dr Srinivasan, Chairman, The Cotton Textiles Export Promotion Council mentioned the Government’s transfer shall be a serious aid as a lot of exporters in the textiles sector can now be categorized as MSMEs below the brand new standards and may get all the advantages prolonged to the MSMEs together with 5 per cent curiosity equalisation scheme.
It will lead to a rise in exports as it would make textile corporations extra price aggressive and generate extra employment alternatives, he mentioned.
Further, the funding limit for models to be categorized as medium sized enterprises have been enhanced from Rs 20 crore to Rs 50 crore.
“The enhancement in the investment and turnover limits for Medium Enterprises is a very positive step taken by the Government at a time when exporters are passing through unprecedented times on account of Covid,” he added.
MSMEs play a major position in the Indian economic system and contributes about 29 per cent of the GDP and 48 per cent to the nation’s exports.
June 01, 2020
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