The Rise of MSMEs: A Soaring Economic Force

The number of registered MSMEs (micro, small and medium enterprises) in India is projected to reach 9 crore by 2029. Currently, over 6 crore MSMEs are registered under Udyam and Udyam Assist portals. MSMEs contribute significantly to India's GDP, exports, and manufacturing output.

The registered micro, small, and medium enterprises (MSMEs) in India are anticipated to reach a remarkable 9 crore by the year 2029, as revealed by a senior government official during a recent industry event.

Mercy Epao, Joint Secretary in the Ministry of Micro, Small and Medium Enterprises, cited over 6 crore MSMEs currently registered through the Udyam and Udyam Assist portals at the Assocham event. She emphasized the ongoing efforts to formalize all MSMEs across the nation, aiming for the ambitious target of 9 crore entities within the next few years.

The MSME sector is increasingly pivotal, contributing over 30% of India's GDP, 36% of manufacturing output, and more than 45% of exports. Additionally, Epao highlighted the accelerating rate of bank credit to these enterprises, surpassing that extended to larger businesses.

(With inputs from agencies.)