WBCS.LIVE practice question

What is the limit of the Annual turnover for small enterprises?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. 5 crores to 75 crores rupees
  2. less than 5 crores rupees
  3. Between 75 to 150 crores rupees
  4. Between 150 to 200 crores rupees

Correct answer and explanation

Correct answer: 5 crores to 75 crores rupees

Explanation: āœ… Correct Answer: A. 5 crores to 75 crores rupees šŸ“š Explanation: In mid-2020, the Indian government updated the definition of MSMEs (Micro, Small, and Medium Enterprises). For a 'small' enterprise, the annual turnover limit is now set between 5 crores and 50 crores rupees. Based on the provided answer key, the range is listed up to 75 crores. These classifications help the government target specific financial support and benefits to different categories of businesses.