Indian MSMEs Generate Around 10 Crore Jobs in 15 Months

November 25, 2024

India’s micro, small, and medium enterprises (MSMEs) have experienced remarkable growth recently. Official data from the Udhayam Portal reveals that they have generated nearly 10 crore new jobs in just 15 months. The registered MSMEs have surged from 2.33 crore to 5.49 crore. This growth has increased job opportunities, rising from 13.15 crore to 23.14 crore.

Job Creation Statistics

The job creation figures include 2.84 crore jobs from 2.38 crore informal micro units. Additionally, 5.23 crore jobs have been created specifically for women. Most registered MSMEs are micro-enterprises, totaling 5.41 crore. Small enterprises number around 7.27 lakh, while medium enterprises remain limited at 68,682.

The Government of India has implemented important measures to support MSMEs. The 2024-25 Union Budget allocated Rs 22,137.95 crore to the MSME Ministry. This marks a substantial 41.6% increase from the previous year’s budget.

New Schemes and Funding

A new scheme has been introduced offering term loans to manufacturing MSMEs. These loans do not require collateral or third-party guarantees. The Mudra loan limit under the “Tarun” category has been raised to Rs 20 lakh for entrepreneurs with a good repayment history.

Market Opportunities for MSMEs

The government has reduced the turnover limit for buyers from Rs 500 crore to Rs 250 crore. This change aims to create more market opportunities for MSMEs across various sectors.

Another initiative focuses on helping MSMEs purchase machinery and equipment. Term loans will be available without collateral, backed by a Rs 100 crore guarantee fund. These strategies are designed to strengthen the MSME sector and enhance its economic contributions.

Important Facts for Exams:
Udyam – Udyam is an online portal for MSME registration in India. It simplifies the process for small businesses. The portal aims to promote transparency and ease of access for entrepreneurs.
Mudra – Mudra stands for Micro Units Development and Refinance Agency. It provides financial support to small businesses. The agency offers loans up to Rs 10 lakh for various entrepreneurial activities.
Tarun – Tarun is a category under the Mudra scheme. It targets young entrepreneurs seeking loans. The limit for Tarun loans has been raised to Rs 20 lakh for eligible applicants.
MSME Ministry – The MSME Ministry in India oversees policies for small enterprises. It plays important role in supporting economic growth. The ministry’s budget increased to enhance MSME initiatives.

« Previous Post Next Post »