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Overview of Govt. Initiatives on MSMEs

MSMEs are the backbone of the Indian economy, contributing approximately 30% of the country’s GDP (Gross Domestic Product), 45% of manufacturing output and providing employment to 11 Cr of India’s population. The Government of India has been proactive to ensure that all the benefit of these MSME schemes reaches to the MSMEs in time. The Union Budget 2023-24 focuses on ease of doing business for MSMEs. The most important measures include:

  • Emergency Credit Line Guarantee Scheme (ECLGS) has delivered additional credit to more than 130 lakh MSMEs. The ECLGS will be extended up to March 2023 expanding the guarantee cover by INR 50,000 Cr to a total cover of INR 5 Lakh Cr.
  • INR 2 Lakh Cr additional credit for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).
  • Raising and Accelerating MSME performance (RAMP) programme with an outlay of INR 6,000 Cr to be rolled out.
  • INR 50,000 Cr equity infusion through MSME Self-Reliant India Fund.
  • Udyam, e-Shram, National Career Service (NCS) and Aatamanirbhar Skilled Employee Employer Mapping (ASEEM) portals will be interlinked. They will now serve as portals with live, organic databases, delivering G2C, B2C, and B2B services relating to credit facilitation, skilling, and recruitment.
  • Launch of Udyam Assist Platform (UAP) to bring the Informal Micro Enterprises (IMEs) under the formal ambit for availing the benefit under Priority Sector Lending (PSL).
  • Shri Piyush Goyal
    MSMEs are the backbone of economies, driving innovation, creating jobs and contributing significantly to overall economic growth.
    Shri Piyush Goyal

    Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles

Revised Classification applicable w.e.f 1 July 2020

Composite Criteria: Investment in Plant & Machinery/equipment and Annual Turnover

  • CLASSIFY

    Manufacturing Enterprises and Enterprises rendering Services

  • MICRO

    Investment in Plant and Machinery or Equipment: Not more than INR 1 cr and Annual Turnover; not more than INR 5 cr

  • SMALL

    Investment in Plant and Machinery or Equipment: Not more than INR 10 cr and Annual Turnover; not more than INR 50 cr

  • MEDIUM

    Investment in Plant and Machinery or Equipment: Not more than INR 50 cr and Annual Turnover; not more than INR 250 cr

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