The central government released the second installment of goods and services tax (GST) compensation to states, of over Rs 14,100 crore, for the October-November period. States like Rajasthan, Punjab and West Bengal have asked finance minister Nirmala Sitharaman to ease the fiscal deficit limit under the Fiscal Responsibility and Budget Management (FRBM) Act to 5% from 3% for the ongoing financial year, release pending GST compensation and allow use of interest accruing to the Consolidated Sinking Fund.
New definition of MSMEs
Union Minister for Micro, Small and Medium Enterprises (MSME) Nitin Gadkari told the Rajya Sabha on Thursday that the government would come out with a new definition of MSMEs, which are currently defined on the basis of investment in plant and machinery. Sinha committee appointed by the Reserve Bank of India, including the setting up a “fund of funds” for the sector. The MSME sector currently contributed 24% of the GDP growth and 48% of exports, with an annual turnover of Rs. 1 lakh crore this year. A target of Rs.5 lakh crore in five years had been set.
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