MSMEs one-third of India’s economy, Budget raised 650 pc in 8 yrs, says PM Modi

Public TV English
Public TV English
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Prime Minister Narendra Modi inaugurates the 'Raising & Accelerating MSME Performance' scheme, at Vigyan Bhawan in Delhi

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. The MSME sector accounts for almost one-third of India’s economy,” Modi said.

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

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

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 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 per cent in the last eight years, he further said.

Talking about the achievements of khadi and village industries, he 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 four times in last eight years,” the 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, the hackathon is aimed at promoting and supporting the untapped creativity of individuals, promoting the adoption of the latest technologies and innovation among MSMEs. Selected incubated ideas will be provided funding support of up to Rs 15 lakhs per approved idea. (ANI)

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