The government has developed a plan for MSMEs.
The days of small and medium enterprises are about to change. The government has drawn up plans for the next two years with the aim of boosting this sector and creating maximum jobs. Under this plan, the government has drawn up a plan to provide Rs 5 lakh crore to revive this industry. If the government invests up to Rs 5 lakh crore in this sector in the next two years, there may be additional investments and jobs in the coming years. Let us also tell you what the government is doing.
The government made this plan.
The government aims to increase the credit guarantee provided to small and medium enterprises through the CGTMSE scheme to Rs 5 lakh crore in the next two years. Giving information on Tuesday, Additional Secretary and Development Commissioner (Micro, Small and Medium Enterprises) Rajneesh said that in the last two years, a loan guarantee of Rs 4 lakh crore was provided to micro and small enterprises through the Credit Guarantee Fund Trust (CGTMSE).
increase of one lakh crore
Rajneesh said at a FICCI programme that in 22 years, CGTMSE has provided a total loan guarantee of Rs 2.6 lakh crore. But in the last two years, we have been able to provide loan guarantees worth Rs 4 lakh crore and in the next two years we intend to increase it to Rs 5 lakh crore. He further said that the government has closed a huge gap in formalisation of MSMEs in the last few years. The total number of registered MSME companies has increased to five crore from 1.65 crore units a year ago.
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How important are SMEs for the economy?
MSMEs are major contributors to the Indian economy, contributing to the country’s GDP, exports, and employment. If we talk about GDP, in the year 2022 the share of MSMEs in India’s GDP was more than 29 percent. MSMEs have a significant share in India’s exports; according to some estimates, this figure is around 46 percent. MSMEs in India provide employment to more than two million people. This is the reason why the third term of the Modi government is focusing more on MSMEs.
