MSME Job Count Surpasses 19 Crore, Doubles In Growth Since November 2022
Date
5/11/2024 2:14:56 PM
(MENAFN- KNN India) New Delhi, May 11 (KNN)
The total number of jobs in India's micro, small and medium enterprises (MSME) sector have witnessed a remarkable surge, according to the latest data from the Udyam registration portal.
Over 4.4 crore MSMEs registered with the MSME Ministry have collectively reported an impressive 19.09 crore jobs, marking a significant milestone as the total job count crosses the 19-crore mark.
This figure represents more than a twofold increase from the 8.81 crore jobs reported in November 2022, highlighting the sector's resilience and its pivotal role in driving employment growth in the country.
Notable aspects of this job count include the inclusion of 4.27 crore women employees and 2.15 crore employees from enterprises not covered under the Goods and Services Tax (GST) regime or exempted from the CGST Act, 2017.
Since the launch of the Udyam registration portal by the government in July 2020, the job count has witnessed a remarkable 6.8-fold growth from the initial 2.8 crore jobs.
The Department of Economic Affairs (DEA) under the Finance Ministry has attributed this surge in employment generation to the government's proactive measures.
In its monthly economic report released in February, the DEA highlighted how the revision in the MSME definition has provided ease of doing business and promoted investment and employment.
Furthermore, the introduction of the Emergency Credit Link Guarantee Scheme (ECLGS) has alleviated liquidity challenges faced by MSMEs, consequently leading to a reduction in their Non-Performing Assets (NPAs).
The revised MSME definition, notified on June 1, 2020, broadened the ambit to include enterprises with a turnover of up to Rs 250 crore and an investment of up to Rs 50 crore, a significant departure from the previous definition based solely on investment in plant and machinery up to Rs 10 crore.
(KNN Bureau)
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