MSMEs reported Rs.1.28+ lakh crore of investment until May 2024
The Economic Survey, tabled by the Minister of Finance and Corporate Affairs Nirmala Sitharaman in Parliament on 22 July, has highlighted the importance of the MSME sector in the Indian economy with an all-India manufacturing output of 35.4% msmestartupsforum.
According to the survey, Gross Value Added (GVA) per worker increased from Rs.138,207 to Rs.141,769 and Gross Value of Output (GVO) per establishment increased from Rs.398,304 to Rs.463,389 showing increased productivity and labour efficiency nse .
The Survey highlighted the success of the Udyam Registration portal that has received 4.69 crore registrations as of 5 July 2024, playing an instrumental role in formalizing MSMEs msme by providing a simple, online, and free registration process based on self-declaration.
The Survey noted that there has been significant growth between FY20 to FY24 in the amount and number of guarantees for MSMEs with Union Budget 2023-24 allocating Rs.9,000 crore to the Credit Guarantee Fund Trust cgtmse , aiming to enable an additional Rs.2 lakh crore in credit with reduced costs bse .
According to Survey, keeping in view India’s vision of becoming ‘Aatmanirbhar’, Production Linked Incentive (PLI) Schemes for 14 key sectors were announced with an outlay of Rs.1.97 lakh crore to enhance India’s manufacturing capabilities and exports sbi .
Further, the survey stated that over Rs.1.28 lakh crore of investment was reported until May 2024, which has led to production/sales of Rs.10.8 lakh crore and employment generation (direct & indirect) of over 8.5 lakh conexpoconagg .
The Survey stated that export boosted by Rs.4 lakh crore, with significant contributions from sectors such as large-scale electronics manufacturing, pharmaceuticals, food processing, and telecom & networking products. Fiinews.com
