* The number of MSMEs in the country is expected to grow from 6.3 crore, to ~ 7.5 crore in the coming times, growing at a projected CAGR of 2.5%.
* As of March 2024, The number of MSMEs registered on the Udyam portal, including the Udyam Assist Platform (UAP), has reached 4,00,42,875.
* According to the Budget 2024 documents, Rs. 22,138 crore (US$ 2.65 billion) has been allocated to the MSME Ministry, remaining unchanged from the previous year, while the budget for central sector schemes for MSMEs has increased marginally to Rs. 21,868 crore (US$ 2.62 billion).
* 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.
*Under Pradhan Mantri Mudra Yojana (PMMY), In FY24*, Rs. 4.82 lakh crore (US$ 58.13 billion) was sanctioned under 5.8 crore Mudra loans to non-corporate and non-farm MSEs.
* The "Raising and Accelerating MSME Performance" (RAMP) scheme, launched in 2022, has benefitted 4 lakh micro, small, and medium enterprises, with women-owned businesses making up over 38% of the registered MSMEs, highlighting the government's focus on empowering female entrepreneurs.
*In the interim budget 2024-2025, it was announced the establishment of a corpus totalling Rs. 1 lakh crore (US$ 11.99 billion), offering 50-year interest-free loans. This initiative aims to incentivize the private sector, particularly MSMEs, to enhance research and innovation in emerging sunrise domains.
*According to the Budget 2024 documents, Union Minister for Finance and Corporate Affairs, Mrs. Nirmala Sitharaman announced a crucial increase in the MUDRA loan limit for MSMEs from Rs. 10 lakh (US$ 11,988) to Rs. 20 lakh (US$ 23,977) for those who have successfully repaid their previous loans.
MSME sector is a major contributor to the socio-economic development of the country.
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