Home » MSME » Contribution of MSMEs and Cottage Industry to GDP

Contribution of MSMEs and Cottage Industry to GDP

As per the information received from Ministry of Statistics and Programme Implementation, the share of MSME Gross Value Added (GVA) in all India Gross Domestic Product (GDP) is as follows:

Year 2018-19 2019-20 2020-21
Share of MSME GVA in All India GDP (%) 30.50 30.50 26.83

As per the information received from Directorate General of Commercial Intelligence & Statistics, the share of export of specified MSME related products in all India Export is as follows:

Description 2019-20 2020-21 2021-22 2022-23 (up to Aug. 2022)
Share of export of MSME related products in All India Export (in %) 49.77 49.35 45.03 42.67

As per Udyam Registration portal, the total number of persons employed in MSMEs which are incorporated during the last 3 years and the current year is as follows.

Year 2019-20 2020-21 2021-22 2022-23 (up to 07.12.2022)
All India 65,64,458 1,12,27,745 1,30,19,919 84,23,452

As per the information received from Ministry of Statistics and Programme Implementation, the share of Manufacturing MSME Gross Value Added (GVA) in all India Manufacturing Gross Value Added (GVA) is as follows:

Year 2018-19 2019-20 2020-21
Share of manufacturing MSME GVA in All India manufacturing GVA (%) 40.60 40.67 38.47

     Ministry of MSME implements various schemes/programmes for the promotion and development of Micro, Small and Medium Enterprises (MSMEs) sector across the country inter alia include Prime Minister’s Employment Generation Programme (PMEGP), Micro and Small Enterprises-Cluster Development Programme (MSE-CDP), Scheme of Fund for Regeneration of Traditional Industries (SFURTI), Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE) and A Scheme for Promoting Innovation, Rural Industry & Entrepreneurship (ASPIRE).

The Government has taken a number of recent initiatives to support MSMEs in the country, which inter alia include:

  1. Rs. 5 lakh crore Collateral Free Automatic Loans for business, including MSMEs.
  2. Rs. 50,000 crore equity infusion through MSME Self-Reliant India Fund.
  3. New revised criteria for classification of MSMEs.
  4. No global tenders for procurement up to Rs. 200 crores.
  5. “Udyam Registration” for MSMEs, for Ease of Doing Business.
  6. Launching of an online Portal “Champions” in June, 2020 to cover many aspects of e-governance including grievance redress and handholding of MSMEs.
  7. Inclusion of Retail and Wholesale trades as MSMEs w.e.f. 02nd July, 2021.
  8. Non-tax benefits extended for 3 years in case of an upward change in status of MSMEs.

This information was given by Minister of State for Micro, Small and Medium Enterprises, Shri Bhanu Pratap Singh Verma in a written reply in Rajya Sabha

About Indianindustry Media

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Government provides incentives to small tea growers

The Tea Development & Promotion Scheme for the period 2023-24 to 2025-26 inter alia includes ...

EXPORT OF SEA FOOD

The current status of the export of seafood from the country is given below:-   ...

INDIA’S REAL GDP PROJECTED TO GROW BETWEEN 6.5–7 PER CENT IN 2024-25

India’s real GDP is projected to grow between 6.5–7 per cent in 2024-25. The Indian ...

INDIAN ECONOMY NEEDS TO GENERATE NEARLY 78.5 LAKH JOBS ANNUALLY IN THE NON-FARM SECTOR UNTIL 2030 TO CATER TO THE RISING WORKFORCE

With the global labour market amidst a ‘disruption,’ and constantly being reshaped by the fourth ...

Air Pollution caused by Stubble Burning

The Ministry of Environment, Forests and Climate Change has identified Crop Residue Management as one ...

Registrations of Informal Micro Enterprises on Udyam Assist Platform cross 1.50 crore

Udyam Assist Platform was launched by the Ministry of Micro, Small and Medium Enterprises on 11th ...

Coal Sector Achieves Impressive 10.6 % Growth in December Among Eight Core Industries

The coal sector has showcased highest growth of 10.6 % (provisional) among the eight core ...

22 Nuclear Power Reactors operational in the country

India’s Nuclear Power capacity witnessed a quantum jump after 2014, when Narendra Modi took over ...

341.91 lakh bales of cotton production reported in 2022-23

The Union Minister of State for Textiles, Smt. DarshanaJardosh in a written reply to a ...

AMRIT BHARAT STATIONS

The Amrit Bharat Station Scheme has recently been launched for development of Railway stations on ...

WP2Social Auto Publish Powered By : XYZScripts.com