Calling MSMEs the second largest contributor to India’s economy, Manjhi noted that the sector contributes 30.1 per cent to the country’s GDP, 35.4 per cent to manufacturing, and 45.73 per cent to exports. The Minister shared that the Udyam portal, which enables paperless registration for MSMEs, now has over 3.80 crore units registered, the Ministry of Micro, Small and Medium Enterprises, said in a release.
Additionally, the Udyam Assist Portal—launched to formalise informal micro-enterprises—has recorded over 2.72 crore units. Together, these 6.5 crore MSMEs have created employment for 28 crore people. The number of MSME units has grown fifteen-fold in the past five years, he stated.
Highlighting government support schemes, Manjhi said the Prime Minister Employment Generation Programme (PMEGP) has facilitated employment for 80.33 lakh individuals, with 80 per cent of the beneficiaries in rural India. Under the Credit Guarantee Scheme, over 1.18 crore guarantees worth ₹9.80 lakh crore (~$117.6 billion) have been approved so far, with a record ₹3 lakh crore (~$36 billion) credit guarantees extended in fiscal 2025 (FY25) alone. The number of beneficiaries is expected to triple by 2029.
He added that the MSME Samadhaan portal, designed to resolve delayed payment issues, has seen its case backlog drop from 93,000 in October 2017 to 44,000 at present.
The Minister also lauded institutions like KVIC, the Coir Board, and the National Small Industries Corporation Ltd for their efforts in promoting small industries and contributing to GDP and exports.
He reaffirmed the government’s commitment to empowering artisans through initiatives like the PM Vishwakarma scheme, which supports 18 traditional trades with end-to-end assistance.
ALCHEMPro News Desk (HU)
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