MSMEs are huge pillars of India’s economy, says PM Modi

To strengthen the sector, the government has increased the budget outlay by more than 650 percent in the last eight years, PM Modi further said.

New Delhi: Prime Minister Narendra Modi on Thursday said India’s micro, small and medium enterprises are a huge pillar of the growth journey, as they together account for almost one-third of the country’s economy.

“When we say MSME, it expands in technical language to Micro Small and Medium Enterprises. But these micro, small and medium enterprises are a huge pillar of India’s growth journey. MSME sector accounts for almost one-third of India’s economy,” PM Modi said.

The Prime Minister made the remarks while inaugurating the Rs 6,062.45 crores ‘Raising and Accelerating MSME Performance’ (RAMP) scheme for MSMEs at the ‘Udyami Bharat’ programme held at Vigyan Bhawan in the national capital.

MS Education Academy

The said scheme aims to scale up the implementation capacity and coverage of MSMEs in the states, with impact enhancement of existing schemes. The scheme has an outlay of around Rs 6,000 crores.

It will complement the ‘Atmanirbhar Bharat’ or self-reliant India by fostering innovation, encouraging ideation, incubating new business and entrepreneurship by developing quality standards, improving practices and processes, enhancing market access, deploying technological tools and ‘Industry 4.0’ to make MSMEs competitive.

As India’s exports increase continuously, it is very important for the country’s MSME sector to be strong and their products to reach new markets, he said.

“Our government is taking decisions, making new policies keeping in mind your ability, the immense potential of this sector,” he added.

To strengthen the sector, the government has increased the budget outlay by more than 650 percent in the last eight years, PM Modi further said.

Talking about the achievements of the Khadi and Village Industries, Narendra Modi said that the khadi industry’s turnover has crossed Rs 1 lakh crore.

“This has been possible because our small entrepreneurs in the villages, our sisters have worked very hard. Khadi sales have increased 4 times in the last 8 years,” PM Modi added.

Besides, Modi also inaugurated the ‘Capacity Building of First-Time MSME Exporters’ scheme and new features of the ‘Prime Minister’s Employment Generation Program’ (PMEG).

It includes an increase in the maximum project cost to Rs 50 lakh (from Rs 25 lakh) for the manufacturing sector and Rs 20 lakh (from Rs 10 lakh) in the service sector and the inclusion of applicants from aspirational districts and transgenders in the Special Category applicants for availing higher subsidies.

Also, handholding support is being provided to applicants/entrepreneurs through the engagement of banking, technical and marketing experts.

During the event, PM Modi also announced the results of the MSME Idea Hackathon, 2022. Launched on March 10 this year, this Hackathon is aimed at promoting and supporting the untapped creativity of individuals, promoting the adoption of the latest technologies and innovation among MSMEs.

The selected incubated ideas will be provided funding support of up to Rs 15 lakhs per approved idea.

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