Q91.
Consider the following statements with reference to India: 1. According to the 'Micro Small and Medium enterprises Development (MSMED) Act, 2006, the 'medium enterprises' are those with investments in plant and machinery between Rs. 15 crore and Rs. 25 crore. 2. All bank loans to the Micro, Small and Medium Enterprises qualify under the Priority sector. Which of the statements given above is/are correct?
Answer
D
Explanation
Ministry of Micro, Small and Medium Enterprises MSMEs) has issued Gazette notification to pave for implementation of the upward revision in the and criteria of MSMEs in the country. The definition and criterion will come into effect from July, 2020. As per the new criteria, a medium is where the investment in Plant and or Equipment does not exceed fifty crore and turnover does not exceed two hundred and crore rupees. terms of Master Direction on ‘Priority Sector (PSL) – Targets and Classification’ dated 4, 2020, all bank loans to MSMEs to the conditions prescribed therein for classification under priority sector lending. to these directions, MSMEs should be in the manufacture or production of goods, in manner, pertaining to any industry specified in the Schedule to the Industries (Development and Act, 1951 or engaged in providing or of any service or services. All bank loans to conforming to the above guidelines qualify for under priority sector lending.