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State of the Economy 37

 Introduced interim payments: Interim payment will be made by
Deposit Insurance and Credit Guarantee Corporation (DICGC) to
depositors of those banks for whom any restrictions/ moratorium have
been imposed by RBI under the Banking Regulation Act resulting in
restrictions on depositors from accessing their own savings.
 Timeline of maximum of 90 days has been fixed for providing interim
payment to depositors.

l Expansion in the factoring ecosystem: The earlier condition of NBFCs
whose principal business was factoring has been removed and now all
NBFCs are permitted to undertake factoring business.

Micro Small & l Revised definition of MSMEs:
Medium Enterprises  Removal of distinction between manufacturing and service MSMEs.
(MSMEs)  Upward revised definition of MSMEs in industry and service sector.
The upper limit as per new definition is as follows:

Investment in Plant and Annual Turnover
Machinery or Equipment
Micro < `1 crore < ` 5 crore
Small < ` 10 crore < ` 50 crore

Medium < ` 50 crore < ` 250 crore
l Simplified registration process for MSMEs.
l Increasing market access to micro and small industries (MSEs) under
public procurement policy: All Central Ministries, Government
Departments and CPSEs are required to procure 25 per cent of their
annual requirements of goods and services from MSEs. Further, no
global tenders for procurement up to ` 200 crores.
Space & Geospatial l Liberalizing the traditional Satellite Communication and Remote Sensing
sector sectors for increased private sector participation.
l Guidelines for the creation, acquisition and use of geospatial data,
including maps: Geospatial data was previously heavily regulated
and required licenses to be obtained for the use of such data. Now the
guidelines have been liberalised:
 Introduction of self-certification regime: All entities are now required
to follow a self-certification process to show adherence to the
guidelines, as opposed to obtaining prior approval or licenses for the
use of geospatial data and maps.
 Relaxation of restricted areas: Mapping activities are prohibited only
for specific attributes of highly sensitive locations, as opposed to
restricted areas under the previous regime.
 Relaxation on export restrictions: The guidelines permit the export of
maps with resolutions up to a 1:100 resolution thereby relaxing the
previous threshold of 1:250000.
 Open access to publicly funded data: The guidelines require all
geospatial data produced using public funds, including data produced
by the Survey of India, to be freely accessible to all Indian entities.