PM Modi highlights MSMEs as key to India's economic future
New Delhi
Prime Minister Narendra Modi on Tuesday emphasized that the MSME (micro, small, and medium enterprises) sector is vital to India's manufacturing and industrial growth. He assured that the government is focused on strengthening the sector for inclusive development.
Speaking via video conferencing at post-Budget webinars, Modi highlighted that the government has introduced key policies beyond expert expectations, particularly in manufacturing and exports. He recalled that in 2020, the MSME definition was revised after 14 years, eliminating fears of losing benefits due to growth. He noted that MSMEs now number over 6 crore and generate massive employment.
The Prime Minister underscored that access to loans has been a major challenge for MSMEs. Over the past decade, MSME loans have risen from Rs 12 lakh crore to Rs 30 lakh crore. To further support businesses, the guarantee cover for MSME loans has been doubled to Rs 20 crore, and special credit cards with a Rs 5 lakh limit will be introduced.
Modi reiterated the government's commitment to policy consistency and reforms, urging manufacturers to seize global trade opportunities. He stressed the importance of R&D, investment, and ease of doing business to enhance India's competitiveness.
He also announced two new missions aimed at boosting manufacturing and exports while encouraging stakeholders to explore new markets and innovate in product development.
BOX
Economic Contribution of MSMEs
• 30% of India’s GDP comes from MSMEs
• 45% of India’s exports are from MSMEs
• 6 crore+ MSMEs operating across the country
Job Creation & Livelihood Impact
• Crores of jobs generated across urban & rural areas
• Women Entrepreneurs: MSMEs provide employment and business opportunities
• Skill Development: New policies promote workforce training
Boost to Manufacturing & Exports
• 750+ MSME units approved under the PLI Scheme
• Investment: ₹1.5 lakh crore
• Production Value: ₹13 lakh crore
• Exports: ₹5 lakh crore
