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MSME Minister Discussed Contribution of MSMEs in Indian GDP

Minister of State for Micro, Small and Medium Enterprises, Shri Bhanu Pratap Singh Verma in a written reply in Rajya Sabha explained contribution of MSMEs in the Indian GDP.

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Interesting and insightful information regarding the contribution of Indian MSMEs in the country’s GDP was given by Minister of State for Micro, Small and Medium Enterprises, Shri Bhanu Pratap Singh Verma in a written reply in Rajya Sabha.

According to his information received from the Ministry of Statistics and Programme Implementation, the share of MSME Gross Value Added (GVA) in all India’s Gross Domestic Product (GDP) is as follows:

Year2018-192019-202020-21
Share of MSME GVA in All India GDP (%)30.5030.5026.83

As per the information received from Directorate General of Commercial Intelligence & Statistics, the share of export of specified MSME related products in all India Export is as follows:

Description2019-202020-212021-222022-23 (up to Aug. 2022)
Share of export of MSME related products in All India Export (in %)49.7749.3545.0342.67

As per Udyam Registration portal, the total number of persons employed in MSMEs which are incorporated during the last 3 years and the current year is as follows.

Year2019-202020-212021-222022-23 (up to 07.12.2022)
All India65,64,4581,12,27,7451,30,19,91984,23,452

As per the information received from Ministry of Statistics and Programme Implementation, the share of Manufacturing MSME Gross Value Added (GVA) in all India Manufacturing Gross Value Added (GVA) is as follows:

Year2018-192019-202020-21
Share of manufacturing MSME GVA in All India manufacturing GVA (%)40.6040.6738.47

Ministry of MSME implements various schemes/programmes for the promotion and development of Micro, Small and Medium Enterprises (MSMEs) sector across the country inter alia include Prime Minister’s Employment Generation Programme (PMEGP), Micro and Small Enterprises-Cluster Development Programme (MSE-CDP), Scheme of Fund for Regeneration of Traditional Industries (SFURTI), Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE) and A Scheme for Promoting Innovation, Rural Industry & Entrepreneurship (ASPIRE).

The Government has taken a number of recent initiatives to support MSMEs in the country, which inter alia include:

  1. Rs. 5 lakh crore Collateral Free Automatic Loans for business, including MSMEs.
  2. Rs. 50,000 crore equity infusion through MSME Self-Reliant India Fund.
  3. New revised criteria for classification of MSMEs.
  4. No global tenders for procurement up to Rs. 200 crores.
  5. “Udyam Registration” for MSMEs, for Ease of Doing Business.
  6. Launching of an online Portal “Champions” in June, 2020 to cover many aspects of e-governance including grievance redress and handholding of MSMEs.
  7. Inclusion of Retail and Wholesale trades as MSMEs w.e.f. 02nd July, 2021.
  8. Non-tax benefits extended for 3 years in case of an upward change in status of MSMEs.

 

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SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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