The Micro, Small, and Medium Enterprises (MSME) sector is a vital pillar of India’s economy. It contributes significantly to employment, innovation, and economic growth. In the last 100 days, under the Modi Government 3.0, several transformative initiatives have been rolled out to empower this sector. Union Minister for MSME, Shri Jitan Ram Manjhi, recently briefed the media on these accomplishments, showcasing the government’s commitment to fostering sustainable growth and entrepreneurship.
Key Achievements of the Government in the MSME Sector
1. Formalization Drive of MSMEs
In a significant move to integrate informal MSMEs into the formal economy, the government signed Memoranda of Understanding (MoUs) with the states of Maharashtra and Andhra Pradesh on June 27, 2024. Mass awareness camps were held nationwide, leading to an impressive increase in registrations.
- Statistics:
- Total MSMEs registered on the Udyam/UAP platforms: Over 5 crore.
- Compared to 1.06 crore registrations in 2023, this marks a substantial growth.
- Expected employment generation for approximately 21 crore individuals.
2. Empowering Through PMEGP
The Prime Minister’s Employment Generation Programme (PMEGP) continues to play a pivotal role in creating employment opportunities.
- Recent Approvals:
- 26,426 new micro enterprises established.
- Loan disbursements totaling ₹3,148 crore.
- This initiative is set to benefit around 2.11 lakh people.
3. Support for the North-Eastern Region
The Ministry of MSME has approved 12 infrastructure development projects in the North-Eastern region, including Sikkim.
- Goals:
- Generate employment and promote economic growth.
- 2,290 unemployed youth expected to benefit from these initiatives.
4. Yashasvini Campaign for Women Entrepreneurs
Launched on June 27, 2024, the Yashasvini Campaign aims to foster women-led entrepreneurship.
- Key Features:
- Collaborations with various ministries and state governments.
- Focus on access to finance, training, and mentorship.
- Results:
- 650 women entrepreneurs participated in the first campaign in Jaipur.
- Over 4,000 Udyam registrations achieved.
5. Enhanced Credit Access for Women Entrepreneurs
The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has introduced special provisions for women-owned MSMEs.
- Highlights:
- Increased credit guarantee coverage to 90%.
- Expected benefits for 27 lakh women-led MSMEs.
6. Launch of the TEAM Scheme
The Trade Enablement and Marketing (TEAM) scheme was introduced to enhance MSME engagement in e-commerce.
- Workshops Planned: 150 workshops to promote digital marketing.
- Current Engagement: Workshops held in Pune and Ranchi with 150 participants each.
7. New Technology Centres
The Ministry is establishing 14 new Technology Centres across various states to support local MSMEs.
- Investment: ₹2,800 crore allocated.
- Benefits: 1,00,000 MSMEs will gain access to advanced technologies and 3,00,000 youth will receive training over five years.
8. ZED 2.0 Certification for Quality Improvement
The ZED 2.0 scheme aims to promote quality standards in manufacturing.
- Support for MSMEs: 5 lakh MSMEs will benefit from this initiative.
- Budget: ₹500 crore allocated for reduced certification costs.
9. Innovation Through MSME Hackathon 4.0
The MSME Hackathon 4.0 was launched to encourage innovation among young entrepreneurs.
- Financial Assistance: Up to ₹15 lakh per idea.
- Target: 500 innovators expected to benefit.
10. Foundation for Modern Technology Centre in Bokaro
The foundation stone for a new Technology Centre was laid on September 11, 2024.
- Investment: ₹198 crore.
- Objective: Technological support and skill development for 8,000 MSMEs.
11. CREATE Centre in Leh
The Centre for Rural Enterprise Acceleration through Technology (CREATE) focuses on empowering local artisans.
- Key Sectors: Pashmina wool processing and bio-processing.
- Impact: Enhanced productivity and employment for local artisans.
12. International Collaboration
A Memorandum of Understanding (MoU) was signed with the US Small Business Administration (US-SBA) on August 13, 2024.
- Focus Areas: Green technology, digitization, and capacity building for women entrepreneurs.
- Expected Outcome: Improved global competitiveness for Indian MSMEs.
Conclusion
The achievements of the government in the MSME sector over the past 100 days reflect a robust commitment to empowering small businesses, promoting entrepreneurship, and creating jobs. These initiatives are not just numbers; they represent real opportunities for millions of Indians.
As we look to the future, the emphasis on sustainability, innovation, and technology integration will be crucial in making the MSME sector a cornerstone of India’s economic growth. With continued support and collaboration, the MSME sector is poised to thrive and drive India towards its goal of becoming a global leader.
Source: Press Information Bureau, edited by BharatiyaMedia Team.
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