* The number of MSMEs in the country is expected to grow from 6.38 crore, of which only 2.5 crore have ever availed credit from formal sources to approximately 7.5 crore in the coming times, growing at a projected CAGR of 2.5%.
* 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 FY25 (Until November 2024), Rs. 2.57 lakh crore (US$ 30.84 billion) was sanctioned under 2.6 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-years 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.
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