Finance Minister Nirmala Sitharaman on Wednesday announced revisions in the definition of Micro Small and Medium Enterprises (MSMEs)  Earlier the MSMEs were defined on the basis of investments put in, now the revised definitions will also include turnover of the company  No more distinction between Manufacturing and Service MSMEs  MSMEs will now be called Micro units if they have investments up to Rs 1 crore and turnover of less than Rs 5 crore  For an MSME to be defined as a Small unit, its investment limit has been raised from Rs 5 crore to Rs 10 crore with a turnover of less than 50 crore  Enterprises with investments up to Rs 20 crore with a turnover of less than Rs 100 crore will now be called Medium units