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Related Keywords: based on annual turnover, classified under micro, made on plant and machinery, MSMEs, not investments, Small and Medium enterprises, Textile manufacturing units, Tirupur knitwear cluster

Textile manufacturing units in Tirupur knitwear cluster to get classified under micro, small and medium enterprises (MSMEs) based on the annual turnover, and not on the investments made on plant and machinery.

As per the new classification, the units with annual turnover less than Rs. 5 crore would be termed ‘micro enterprise’, the units with annual turnover of more than Rs. 5 crore and less than Rs. 75 crore would be put under ‘small enterprise’ category, and the units with turnover between Rs. 75 crore and Rs. 250 crore would be classified as ‘medium enterprise’.

Related Keywords: accelerate growth of textile industry, clearance mechanism, comprising of over ninety percent, facilitate value addition, Federation of Indian Export Organization, FIEO, micro, MSMEs, proposed constituting new textile policy, set up technical textile cluster, Small and Medium enterprises, Tamil Nadu Government, textile promotion board

Federation of Indian Export Organization (FIEO) has proposed constituting new textile policy and textile promotion board to the Tamil Nadu government to accelerate growth of the textile industry comprising of over 90 percent Micro, Small and Medium Enterprises (MSMEs), informed K Unnikrishnan, Joint Deputy Director General of Federation of Indian Export Organization (FIEO).

Related Keywords: apparels, benefit from this, buy and sell their products through online exchange, committed e-commerce platform, GCCI, idea was perceived, MSMEs, MSMEs in clothing, needed for Micro, pre-budget consultations, Small and Medium enterprises, Textile, Vibrant Gujarat Global Summit

During the Vibrant Gujarat Global Summit and pre-budget consultations, the idea was perceived that a committed e-commerce platform was needed for Micro, small and medium enterprises (MSMEs) to buy and sell their products through online exchange, according to Mamata Verma, Industries Commissioner, Government of Gujarat.

Related Keywords: all textile units across the value chain, demonetisation, except handloom, government, jute, Khadi, made it mandatory, move post demonetization, MSMEs, provide data on production, register online, Textile Industry

The Government has made another move post demonetization.They have made it mandatory for all textile units across the value chain, except handloom, khadi and jute, will have to register online and provide data on production.

While the registration will be one-time, production details should be shared by the units every month. Units can do this online from their premises or make use of the infrastructure available at the Regional Offices of the Textile Commissioner or powerloom service centres.