MSMEs Set to Reach New Heights

The number of registered MSMEs in the country is projected to reach 9 crore by 2026. Currently, over 6 crore MSMEs are listed under the Udyam and Udyam Assist portals, contributing significantly to the GDP, manufacturing output, and exports. Bank credit to MSMEs is also on the rise.

The country's micro, small, and medium enterprises (MSMEs) are poised to reach the landmark figure of 9 crore registrations by 2026, according to a senior government official. Currently, over 6 crore MSMEs are enrolled in the Udyam and Udyam Assist (UA) portals, offering a robust foundation for this sector.

Joint Secretary in the Ministry of Micro, Small and Medium Enterprises, Mercy Epao, articulated these goals during an address at the Assocham event. She anticipated further formalization of the sector leading to significant economic impact by 2029.

The MSME sector is a formidable force in the national economy, contributing over 30% to GDP, 36% to manufacturing output, and more than 45% to exports. Notably, the growth in bank credit to MSMEs is outpacing credit allocation to larger enterprises.

(With inputs from agencies.)