The Micro, Small, and Medium Enterprises (MSME) sector in India, comprising over 6.3 crore enterprises, stands as a dynamic and integral part of the Indian economy. Second only to agriculture, it significantly contributes to entrepreneurship and job creation at a lower capital cost. The Ministry of MSME, in collaboration with various organizations and institutions, has introduced numerous initiatives to drive the growth and development of this sector, including efforts for Khadi, Village, and Coir industries. These programs focus on areas such as credit support, technological assistance, infrastructure development, skill enhancement, and market competitiveness.
Key Achievements and Initiatives in 2024
- PM Vishwakarma Scheme
Launched on September 17, 2023, this scheme provides comprehensive support to artisans and craftspeople across 18 traditional trades. In 2024:- 24.77 lakh registrations were recorded.
- 15.05 lakh artisans received skill training.
- Loans totalling ₹2,197.72 crore were granted to 2.54 lakh beneficiaries.
- 6.58 lakh artisans were digitally enabled, and 75 trade fairs were organized nationwide. A national event held in Wardha, Maharashtra, marked the scheme’s first anniversary, showcasing its impact on artisans’ lives.
- MSME Formalization
Emphasis on formalizing MSMEs has led to 5.7 crore registrations on the Udyam and Udyam Assist Platforms, employing 24.14 crore individuals. Special registration drives across states have been instrumental in achieving this milestone. - Credit Guarantee Scheme
Revamped in 2023, the scheme now offers:- Enhanced loan coverage from ₹2 crore to ₹5 crore.
- Reduced annual guarantee fees.
- Special provisions for micro-enterprises, including loans up to ₹20 lakh for informal businesses.
- Women entrepreneurs receive 90% loan coverage, compared to 75% for others.
During 2024, 19.9 lakh guarantees worth ₹2.44 lakh crore were approved.
- MSME-TEAM Initiative
Introduced on June 27, 2024, with an allocation of ₹277.35 crore, this scheme focuses on the digital empowerment of 5 lakh micro and small enterprises, including 2.5 lakh women-led businesses, by facilitating their access to e-commerce platforms. - Yashasvini Campaign
Launched during the Udyami Bharat event, this campaign aims for gender parity in MSME formalization by 2029. In collaboration with NITI Aayog and the Ministry of Rural Development, it focuses on mentoring women entrepreneurs and promoting digital commerce. - MSME Hackathon 4.0
Initiated on September 11, 2024, this program encourages innovation among startups and young entrepreneurs. Over 25,000 ideas have been submitted, with 500 entrepreneurs to receive up to ₹15 lakh each for project incubation. - CREATE Centre at Leh
Virtually inaugurated on September 14, 2024, this center promotes rural enterprise acceleration by enhancing local production capabilities, such as Pashmina wool processing and essential oil extraction. It aims to improve product quality, productivity, and economic opportunities for local communities. - MoU with US-SBA
On August 13, 2024, the Ministry signed an MoU with the US Small Business Administration to foster bilateral cooperation in SME development. A webinar held in December 2024 discussed operational strategies under this agreement.
