FICO demands exclusion of exports from turnover in definition of MSME
Urges Union MSME Minister Nitin Gadkari to accept demand
Ludhiana: Federation of Industrial & Commercial Organization (FICO), under the leadership of Gurmeet Singh Kular President FICO along with Manjinder Singh Sachdeva Sr. Vice President FICO and Rajeev Jain General Secretary FICO; demanded exclusion of exports from turnover in new definition of MSME from Nitin Gadkari, Union Minister for MSME.
It was announced that in the new definition of MSMEs the firms having the turnover up to Rs.250 crores excluding the exports and investment of 50 crore in plant and machinery, will be considered as an MSME Unit. But, while notifying the same, the exclusion of exports has not been mentioned anywhere. So, it is requested to exclude the exports from turnover by amend the notification and renotify the same at the earliest.
Dinesh Singh Bhogal Secretary FICO, Ashpreet Singh Sahni Organizing Secretary FICO, Satnam Singh Makkar Propaganda Secretary FICO and Harpal Singh Bhamber Head FICO Bicycle Division were among those present.