Page 11 - Plastics News May 2020

last month said its measures provided support and Local supply chain. In times of crisis, this Local
equivalent to 3.5 per cent of the GDP. India's stimulus
value in dollar terms is higher than the GDP of 149
countries such as Vietnam, Portugal, Greece, New
Zealand and Romania. It almost equals Pakistan's
annual GDP of USD 284 billion.
Urging the country to help the domestic industry he
suggested to consume as much as possible the
indigenous (Made in India) products. He said,
“Friends, the Corona crisis has also explained to us
the importance of Local manufacturing, Local market
What Does Atmanirbhar Bharat Abhiyan Means To MSME’s
Under the Atmanirbhar Bharat Abhiyan, the Finance
Minister announced several measures for MSMEs that
are expected to help 45 lakh business units resume
their operations.
The much-awaited economic package of the
government has led MSMEs to heave a sigh of relief amid
the growing tensions of economic slowdown in the
coronavirus crisis. The relief package is expected to
infuse fresh life into the country's micro, small and
medium enterprises (MSMEs), which account for almost
30 percent of the national GDP and 45 percent of the
total manufacturing output.
With a hope to create five crore job opportunities in the
MSME sector, the Government had announced about
making changes to the MSME definition, where turnover
will define an MSME, and not the investment put into it.
th
On Wednesday May 13 , the Government officially
revised the MSME definition. The new MSME definition –
turnover to define MSMEs Investments will no longer
characterize MSMEs but it's the additional principle of
turnover along with the investment.
MAY 2020 11
has fulfilled our demand, this Local has saved us.
Local is not just the need, it is our responsibility also.
Time has taught us that we must make the Local as a
mantra of our life. The Global Brands you feel today
were sometimes also very local like this. But when
people started using them, started promoting them,
branding them, proud of them, they became Global
from Local Products. Therefore, from today every
Indian has to become vocal for their local, not only to
buy local products, but also to promote them proudly.
I am confident that our country can do this.
Earlier in 2019 Union Minister Nitin Gadkari had said
that the revised definition of micro, small, and
medium enterprises may grant a unified description for
all things related to taxation, investment, and more.
The changed definition was to be implemented via an
amendment that would further refine the business
scenario for Indian enterprises. The Union Cabinet had
approved the amendment to change the criteria to
classify MSMEs from “investment in plant and
machinery” to “annual turnover.”
On 13th May 2020, Finance Minister Nirmala
Sitharaman added the additional principle of turnover
along with the investment. As Finance Minister
Nirmala Sitharaman made the announcement about
the change, she also addressed the reasons behind it.
She said the new definition will bring about many
benefits that will aid MSMEs to grow in size.
This was made under Atma-nirbhar Bharat Abhiyaan
Economic Package to assuage India's economic
predicament amidst the pandemic. Combined with all
previous economic stimulus efforts, the total amount
of the relief package comes to a whopping Rs. 20 lakh
crores that the government introduces along with
measures for MSMEs that have been hit by the
lockdown. With a series of encouraging
announcements, the Finance Minister outlined the
government's plan to raise the morale of the industry
and the MSME sector in particular.
Plastics News