The national policy on MSME will be releasing with an extensive consultation.
The sector will be witnessing a high growth. This will happen due to the various government schemes which were launched over the years The emergency credit has helped the gurantee the scheme and also survive the shocks of COVID. According to Bhanu Pratap Singh Verma, state minister for MSME, “We must manufacture locally, and local items should be used by our industry too. Our MSMEs should go global, which will lead to new India. Our economy is 2014 was in the 10th position globally. Till now, by 2022, our economy has reached the 5th position”
Within the first 31 months of its launch of the Udyam Portal, there are 15.3 million MSMEs who are hiring 101 million people who have already registered with the portal. The registration per day has crossed 30,000 per day. The budget also announced the measures for the MSME sector which will be including the extension of ECLG till 3rd March. There will be a raising and a Accelaration in the performance of MSME with an outlay of Rs.6000 crore.
The bank loans of the MSME stands at Rs.19.2 trillion till 30th December which is up by 11.6% from 2022. The small business has a workforce of 110 million and has also gained importance to the status for one of the largest employment providers. There is also a report for the KPMG and industry body CII which said that the entities will be accounting to 30% of India’s GDP and 45% of the exports.
