10.31 mn employed in MSMEs in FY22: Data

This was witnessed during the April-November period of 2022

December 20, 2022

The smartphone shipments saw an increase of 110% compared to April-November period of 2021

About 40% of the smartphones shipped from India are iPhones

Smartphone exports stood between US$ 440 and US$ 700 million per month between April-August of FY23

The average exports since September 2022 have been nearly US$ 1 billion each month

India’s MSMEs receive key policy, funding push

About 10.31 million people were employed in MSMEs during FY22, which is about 16% larger in comparison to 10.12 million employees added in MSMEs during FY21, according to data shared from the Udayam portal by Minister of State for MSMEs Bhanu Pratap Singh Verma. 

The number is 98% higher than the 6.6 million employees added in FY20.

Additionally, the government plans to add 50 million more jobs in the MSME sector by 2025, which currently has about 110 million employees. According to the data, about 10.28 million registered MSMEs employed over 90 million people, that include over 20 million women employees before December 19, 2022. 

Although the pandemic hampered the MSME sector, the government with its Emergency Credit Line Guarantee Scheme (ECLGS) had saved 1.3 million MSME units, 10.5 million jobs, and 14% of outstanding MSME loans from becoming non-performing assets.

Furthermore, under the Prime Minister’s Employment Generation Programme (PMEGP), 825,752 jobs and 595,320 jobs were created by PMEGP units in FY22 and FY21, respectively. The estimated employment generated on November 30, 2022 stood at 360,288.

Besides government support, online integrations and better supply-chain management systems are enabling MSMEs to grow their revenues, and add more workforce.

Source: Financial Express

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