Highlighting the progress made in the micro, small and medium enterprise (MSME) sector, which is the second highest contributor to the country’s economy, Union MSME Minister Jitan Ram Manjhi stated that MSME accounts for 30.1 per cent of India’s gross domestic product (GDP).
Addressing a press conference in Mumbai, the minister noted that MSME accounts for 35.4 per cent of manufacturing and 45.73 per cent of exports in the country. Manjhi informed that the Udyam portal, which was introduced on 1 July 2020, has more than 3.80 crore units in its database till date.
On the other hand, Udyam Assist Portal, which was introduced on 11 January 2023, to support informal micro-enterprises and provide them access to formal benefits like priority sector lending, has above 2.72 crore units in its database. These 6.5 crore MSME units have together provided employment opportunities to 28 crore people till date, he added.
The number of MSME units has increased fifteen times in the last five years, stated the minister. Speaking about the PM Vishwakarma scheme, Manjhi added that this scheme provides end-to-end support to artisans and craftspeople of 18 trades who work with their hands and tools.
Manjhi emphasised that organisations under the MSME Ministry, like KVIC, Coir Board, and National Small Industries Corporation, are performing well to take the schemes related to small industries and village products to the people and add to India’s GDP and exports.
The Prime Minister Employment Generation Programme (PMEGP) assisted 80.33 lakh people to gain employment, eighty per cent of which was in rural areas. The official statement added that over 1.18 crore credit guarantees worth Rs 9.80 lakh crore were approved under the Credit Guarantee Scheme (CGS) since its inception by the Credit Guarantee Fund Trust for micro and small enterprises.
