MSMEs Contribute 35.4% to Manufacturing Output, PLI Scheme Boosts Growth
The Economic Survey, presented by Finance Minister Nirmala Sitharaman, highlights the critical role of MSMEs in India’s economy, contributing 35.4% to the country’s manufacturing output. The survey also reports increased productivity, with Gross Value Added (GVA) per worker rising to INR 1,41,769 and Gross Value of Output (GVO) per establishment growing to INR 4,63,389.
The Udyam Registration portal has formalized 4.69 crore MSMEs, promoting easier registration. The Union Budget 2023-24 allocated INR 9,000 crore to the Credit Guarantee Fund Trust, targeting INR 2 lakh crore in additional credit.
Under the Production Linked Incentive (PLI) scheme for 14 key sectors, INR 1.28 lakh crore has been invested by May 2024, generating INR 10.8 lakh crore in production and over 8.5 lakh jobs. The scheme also boosted exports by INR 4 lakh crore, particularly in electronics, pharmaceuticals, and food processing.
The survey encourages states to establish “Unity Malls” to promote One District One Product (ODOP), showcasing India’s unique products both domestically and globally.
Source: https://pib.gov.in/PressReleasePage.aspx?PRID=2034923
