December 12, 2023
GVA in the total manufacturing GVA of India rose to 40.83% in FY22 from 40.3% in FY21
As of December 4, 2023, the Udyam Registration Portal recorded a total of 3.16 crore MSME registrations since its inception
The total employment documented on the portal as of December 6, 2023, reached 15.5 crore
Regarding Margin Money (MM) subsidy, approximately 9.16 lakh micro-enterprises have received assistance across the country
Recently, the Parliament disclosed that the share of exports from micro, small, and medium enterprises (MSME) specified products in overall Indian exports was 45.56% during April-September 2023.
This percentage was 43.59% in FY23 and 45.03% in FY22, with previous years registering shares of 49.35% in 2020-21 and 49.77% in 2019-20. Minister of State for MSME, Bhanu Pratap Singh Verma, conveyed to the Rajya Sabha that the share of MSME manufacturing gross value added (GVA) in the total manufacturing GVA of India rose to 40.83% in FY22 from 40.3% in FY21.
The MSME GVA as a portion of India’s Gross Domestic Product (GDP) was 29.15% in 2021-22 and 27.24% in FY21.
As of December 4, 2023, the Udyam Registration Portal recorded 3.16 crore MSME registrations since its inception on July 1, 2020. Furthermore, the total employment documented on the portal as of December 6, 2023, reached 15.5 crore.
Regarding Margin Money (MM) subsidy, approximately 9.16 lakh micro-enterprises have received assistance across the country, totalling Rs 23,770.28 crore in subsidies and providing employment to an estimated 74.87 lakh individuals, up to November 30, 2023, since 2008-09.
The Prime Minister’s Employment Generation Programme (PMEGP) facilitates entrepreneurs in establishing new units in the non-farm sector. Under this program, General Category beneficiaries can obtain an MM subsidy of 25% of the project cost in rural areas and 15% in urban areas, aiming to generate employment opportunities for traditional artisans and unemployed youth in rural and urban settings.
Implemented by the Khadi and Village Industries Commission, this scheme is designed to assist entrepreneurs nationwide in establishing new units in the non-farm sector, focusing on providing employment opportunities to traditional artisans and rural and urban unemployed youth.
Source: Economic Times