Dr Rajneesh, Additional Secretary to the Government of India and Development Commissioner for the Ministry of MSME, shared a message for the country’s MSMEs on International MSME Day, 27th June 2024. 

He emphasised the Ministry’s efforts to make each MSME self-reliant and highlighted the sector’s crucial role in ensuring inclusive growth and balanced regional development.

The MSME sector is a key part of India’s economy, contributing around 30% to the GDP and accounting for about 45% of manufacturing production. It is the country’s second-largest employer after agriculture, with over 4.62 crore registered enterprises as of 26.06.2024, thus, employing more than 20 crores. 

The sector faces challenges such as access to finance, technology, and the market, but the government has launched initiatives to support MSMEs, including credit support, technology upgradation, infrastructure support, skill development, and market access.

The Ministry has two major schemes, the Prime Minister Employment Generation Programme and Credit Guarantee Scheme for MSEs (CGSMSE), to provide credit support to MSMEs, Rs 9,000 crore was infused in the corpus of Credit Guarantee Fund Trust for Micro and Small Enterprises, enabling the disbursement of additional credit of Rs. 2 Lakh crores to MSEs at reduced credit cost. 

Additionally, support is provided to MSMEs under the Self-Reliant India (SRI) Fund through equity infusion. The Ministry is also implementing various initiatives for technology-related requirements and infrastructure development programs.

The Ministry is committed to providing inclusiveness, especially to SC/ST and women-owned enterprises. It provides support for the MSME sector through various schemes and initiatives, focusing on growth potential, sustainability, and innovation. 

Efforts have been made to reach out to artisans and craftspeople in the unorganised sector, with enrollments in the flagship scheme crossing 2.22 crore within 9 months. The Ministry aims to help artisans establish their enterprises.

The Ministry of MSME promotes R&D, innovation, and skill development, and MSMEs are embracing these changes. The MSME sector is vital to India’s economy, driving growth and creating employment opportunities. It’s important to enhance support, and access to finance and technology, simplify regulations, and create a favorable business environment for MSMEs.