Latest

SMEs requested the NCSMEs to revisit the SME

The Medium and small Businesses (SMEs) stakeholders, especially banks and development finance companies, asked for the National Committee for SMEs (NCSMEs) to revisit the SME definition under the SME Policy and broaden its scope and redefine micro, medium and small individually for the maximum benefit of each sector. The leasing companies also desire the SME definition be amended in view of depreciation of the rupee and also the re-evaluation of products or services because of increasing price of products or services. Additionally, just about all stakeholders’ desire separate definitions for micro, medium and small businesses and therefore are insisting for that amendment towards the uniform definition. Zulfikar Thaver, chairman definition committee of NCSMEs, secretary of state for industries, stated the committee after deliberations with stakeholders had showed up in a uniform definition according to parameters of employment strength, resource worth and turnover. He stated to support all smaller entrepreneurs, including schools and hospital proprietors, the use strength was adopted to 250 persons, resource worth as much as Rs 100 million and people getting a turnover of Rs 300 million will come within the definition of SMEs.