Over the last five decades, the Micro, Small, and Medium Enterprises (MSME) sector has grown as a highly vibrant and dynamic segment of the Indian economy. With their effective, efficient, adaptable, and innovative entrepreneurial spirit, MSME play a key part in the economy’s development.
The MSME sector makes a significant contribution to the country’s overall industrial output, employment, and exports. It is credited with creating the most jobs and contributing for a significant portion of industrial production and exports.
They offer significant advantages as a result of their size and minimal initial cost. They have a high capital-labor ratio and necessitate a short gestation period. They attempt to acquire and concentrate smaller markets, ensuring a more equitable allocation of national wealth. They allow for the efficient use of capital and skill resources, as well as the expansion of industrial entrepreneurship.
The MSME sector is an important pillar of the Indian economy because it contributes significantly to its growth, with a vast network of around 30 million units, creating about 70 million jobs, manufacturing over 6000 products, and directly and indirectly contributing about 45 percent of manufacturing output and about 40 percent of exports.
As the country moves toward a faster and more inclusive economic goal, this sector will become even more important. Furthermore, the MSME sector has the potential to contribute to the planned National Manufacturing Policy’s goal of increasing the manufacturing sector’s proportion of GDP from 16 percent to 25 percent by the end of 2022.
MSMEs account for approximately 40% of India’s total exports, 6.11% of GDP from the manufacturing sector and 24.63% of GDP from the services sector.
There are roughly 6.3 crore MSMEs in India. According to data from the MSME Ministry, the Udyam Registration platform registered 5,767,734 MSMEs as of November 26, 2021, replacing the previous method of registering for an Udyog Aadhaar Memorandum (UAM).
Micro-enterprises accounted for 5,441,220 (94.34 percent), small businesses for 293,555 (5.09 percent), and mid-sized businesses for 32,959. (0.57 percent).
Maharashtra has the most registrations (12.18 lakh) among the top five states for Udyam registrations as of November 26, 2021, followed by Tamil Nadu (6.23), Gujarat (4.86), Rajasthan (4.68), and Uttar Pradesh (4.68). (4.45).
MSMEs (Micro, Small and Medium Enterprises) in India are quickly choosing digital payments over cash, with 72 percent of payments made via digital against 28 percent via cash. The rise in digital adoption bodes well for the sector’s future growth.
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