MSME (Micro, Small, and Medium Enterprise) term was established in the Government of India in agreement with the Micro, Small & Medium Enterprises Development (MSMED) Act in 2006. MSME is managed and initiated by the Ministry of MSME. Ministry of MSME (MoMSME) are companies that engage in the manufacture, production and processing or preservation of commodities and goods.
MSME sector is believed to be to be the backbone of Indian economy and 27% of the nation’s GDP. It is primarily focused on the development of people who come from rural and backward regions. According to an official MSME annual report 2021-22, the total number of MSMEs in India is 6,33,88,000, that of 3,24,88,000 MSMEs (51.25 percent) are located in rural areas and 3,090,00,000 lakh MSMEs (48.75 percent) are located in urban regions.
According to the official information of IBEF.com on November 25, 2022, as reported by Ministry of Micro, Small and Medium Enterprise (MoMSME) There are 12,201,448 registered MSMEs in India through the Udyam Registration Portal, wherein Micro-enterprises account for 11,735,117 (96.17 percent) Small enterprises make up 426,864 (3.49 percent) and midsized businesses are 39,467 (0.32 percent).
To find out more about MSMEs in India We will discuss the basics of MSMEs, including classifications and loan schemes, their role and significance to the socio-economic growth in India.
MSME programs provided by financial institutions and subsequently launched through Government of India. Indian Government are as follows:
CGMSE Credit Guarantee Fund Trust for Micro and Small Enterprises
CLCSS: Credit Linked Capital Subsidy Scheme
Credit Guarantee Scheme
MUDRA Yojana under PMMY
National Small Industries Corporation (NSIC) Subsidy
PMEGP The Prime Minister’s Employment Generation Programme
PMRY: Prime Minister’s Rozgar Yojana
PSB Loans in 59 minutes
Standup India
Startup India