* The number of MSMEs in India increased by a CAGR of 18.5% from 2019 to 2020.
* In FY21, the loan disbursals to MSMEs stood at Rs. 9.5 trillion (US$ 128.06 billion), a 40% increase compared with Rs. 6.8 trillion (US$ 91.66 billion) in FY20.
* The MSME Ministry heads five statutory bodies—KVIC, Coir Board, NSIC, NI-MSME and the MGIRI
* These bodies are responsible for aiding MSMEs with respect to government schemes and policies
* In November 2021, the Indian government launched the Special Credit Linked Capital Subsidy Scheme (SCLCSS) for the services sector. This scheme will help enterprises in the services sector meet various technology requirements.
* In February 2023, government announced in budget 2023-24 that a unified Skill India Digital Platform to be launched in order to enable demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes.
* In Budget 2023-24, government revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through the infusion of Rs 9,000 crore (US$ 1.09 billion) in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore (US$ 24.41 billion) and also reduce the cost of the credit by about 1%.
MSME sector is a major contributor to the socio-economic development of the country.
Ibef Organic Indian Pavilion BIOFACH2022 July 26th-29th, 2022 | Nuremberg, ...
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public ...
The Electric Vehicle (EV) market in India is quickly evolving into a comple...
The Sky’s the Limit: India's Growing Aviation Industry India is t...