NCSMEs urged to revisit SME definition

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The Small and Medium Enterprises (SMEs) stakeholders, especially banks and development finance institutions, requested the National Committee for SMEs (NCSMEs) to revisit the SME definition under the SME Policy and broaden its scope and redefine micro, small and medium separately for the maximum benefit of each sector. The leasing companies also desire that the SME definition be amended in view of the depreciation of the rupee and the re-evaluation of goods and services due to increasing cost of goods and services. In addition, almost all stakeholders desire separate definitions for micro, small and medium enterprises and are insisting for the amendment to the uniform definition. Zulfikar Thaver, chairman definition committee of NCSMEs, ministry of industries, said the committee after deliberations with stakeholders had arrived at a uniform definition based on parameters of employment strength, asset worth and turnover. He said to accommodate all small to medium sized entrepreneurs, including schools and hospital owners, the employment strength was taken up to 250 persons, asset worth up to Rs 100 million and those having a turnover of Rs 300 million would come within the definition of SMEs.