MSME Sector Registers 15-Fold Growth In 5 Years, Generates 28 Cr Jobs: Minister Manjhi

(MENAFN- KNN India) Mumbai, July 5 (KNN) Union Minister for Micro, Small and Medium Enterprises (MSME), Jitan Ram Manjhi, addressed a press conference in Mumbai on July 4, highlighting the significant progress made by the MSME sector - a key pillar of India's economic framework.

The briefing followed the Minister's review meetings and visits to the Institute for Design of Electrical Measuring Instruments (IDEMI) and the Khadi & Village Industries Commission (KVIC) headquarters on July 3.

Describing the MSME sector as the second-largest contributor to India's economy, Manjhi stated that MSMEs account for 30.1 percent of GDP, 35.4 percent of the manufacturing output, and 45.73 percent of exports.

The Minister revealed that the sector has grown exponentially, with the number of MSME units increasing fifteen-fold in the past five years.

He reported that over 3.80 crore enterprises have registered on the Udyam portal since its launch in July 2020, while the Udyam Assist Portal, introduced in January 2023 to formalise informal micro-enterprises, has enrolled over 2.72 crore units.

Collectively, these 6.5 crore MSMEs have generated employment for 28 crore individuals, underscoring their critical role in job creation.

Under the Credit Guarantee Scheme (CGS) administered by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), over 1.18 crore credit guarantees amounting to Rs 9.80 lakh crore have been sanctioned since inception.

Of this, a record Rs 3 lakh crore was approved in FY 2024–25 alone. The Minister expressed confidence that the number of CGS beneficiaries will triple by 2029, with continued focus on support for women and SC/ST entrepreneurs.

Addressing delayed payment challenges, the Minister reported a sharp decline in pending cases on the MSME Samadhaan Portal, from 93,000 in October 2017 to 44,000 at present - reflecting improved grievance redressal mechanisms.

During his tour of IDEMI's MSME Technology Centre in Mumbai, the Minister reviewed ongoing projects and received briefings on initiatives like CGTMSE and PM Vishwakarma.

He lauded IDEMI's role in manufacturing components for India's space programme and its adoption of emerging technologies to support MSME capacity-building.

(KNN Bureau)

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