Ecosystem for development of MSMEs

MSMEs employs 1109.89 lakh

Government emphasizes the promotion

Programmes and Schemes for MSMEs

The Government emphasizes the promotion of ecosystem for development of MSMEs in the country. Various programmes and schemes have been put in place with particular focus to develop and facilitate access to finance, skill development, infrastructure support, access to market, technology up-gradation and ease of doing business.

This was stated by Minister of State (Independent Charge) for Micro, Small and Medium Enterprises, Shri Giriraj Singh while replying to a question in the Rajya Sabha. The Minister informed the House that according to Central Statistics Office (CSO), the contribution of MSME in the Total Gross Value Added (GVA) has been 31.8% during the financial year 2016-17.

Funds budgeted for different schemes of the Ministry of MSMEs to support the development of MSMEs in the country for the year 2016-17 and 2017-18 have been Rs. 5462.71 crore and Rs. 6481.96 crore respectively, and the expenditure thereof during the year 2016-17 and 2017-18 have been Rs. 3650.07 crore and Rs. 6213.60 crores respectively.

The Minister further said that as per the 73rd Round of National Sample Survey (NSS) (July, 2015 – June, 2016), conducted by the Ministry of Statistics & Programme Implementation, there were 633.88 lakh unincorporated non-agricultural Micro, Small and Medium Enterprises (MSMEs) (excluding construction). These MSMEs were providing employment to 1109.89 lakh persons.

Nowadays, the Indian economy is more competitive than it has ever been. The World Economic Forum Report (WEFR) competitiveness report ranks India 40th out of 137 countries included in the report, up from 71^st three years ago. And the World Bank ranks India’s economy as #100 in the ease of doing business (EoDB), up from the 130^th position in 2016.

That’s why Modi enjoys nearly 80% job approval, according to Gallup. Moreover, 86% of Indians feel free under Modi – the highest in the past decade.