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MSMEs Government Initiatives and Achievements in 2023

By Anand Krishnan --
Monday, 08 Jan, 2024

In 2023, the Indian government took significant strides to bolster Micro, Small, and Medium Enterprises (MSMEs) in their recovery from the challenges induced by the Covid-19 pandemic. The Ministry of MSMEs reported key accomplishments, highlighting the success of initiatives aimed at fostering ease of doing business and supporting small businesses.

The Udyam Registration process witnessed a substantial increase, with 88.89 lakh MSMEs registering under the Udyam platform, reaching a total of 2.19 crore registrations. The Udyam Assist Platform (UAP), launched in collaboration with SIDBI, played a pivotal role in onboarding around 1.11 crore Informal Micro Enterprises (IMEs) into the formal economy by December 31, 2023.

The introduction of the PM Vishwakarma scheme aimed to enhance the quality and reach of products and services offered by artisans and craftspeople. With an initial outlay of Rs 13,000 crore for five years, the scheme garnered 48.80 lakh enrolments and 1.32 lakh applications by the end of December 2023. Additionally, the Prime Minister’s Employment Generation Programme (PMEGP) disbursed Rs 3,116.78 crore in subsidies, benefiting 85,228 micro-enterprises and generating employment for approximately 6.80 lakh individuals.

The government's revamp of the Credit Guarantee for Micro and Small Enterprises (CGTMSE) in 2023, including an increase in the guarantee coverage limit to Rs 5 crore and reduced annual guarantee fees, resulted in 12.50 lakh guarantees approved, amounting to Rs 1.46 lakh crore. Other notable achievements included the successful implementation of the Public Procurement Policy, contributing to a total procurement of Rs 37,501.25 crore from MSEs by central ministries and public sector enterprises, benefitting 130 MSEs. Moreover, MSMEs actively participated in India’s space missions, with MSME Technology Centres contributing precision components to Chandrayaan-3 and Aditya L1 missions.

In conclusion, the government's multifaceted approach in 2023, encompassing registration facilitation, financial support, policy enhancements, and active participation in space missions, has significantly contributed to the resilience and growth of MSMEs, playing a crucial role in India's economic recovery post-pandemic.

MSMEs Government Initiatives and Achievements in 2023. In 2023, the Indian government took significant strides to bolster Micro, Small, and Medium Enterprises (MSMEs) in their recovery from the challenges induced by the Covid-19 pandemic. The Ministry of MSMEs reported key accomplishments, highlighting the success of initiatives aimed at fostering ease of doing business and supporting small businesses.

The Udyam Registration process witnessed a substantial increase, with 88.89 lakh MSMEs registering under the Udyam platform, reaching a total of 2.19 crore registrations. The Udyam Assist Platform (UAP), launched in collaboration with SIDBI, played a pivotal role in onboarding around 1.11 crore Informal Micro Enterprises (IMEs) into the formal economy by December 31, 2023.

The introduction of the PM Vishwakarma scheme aimed to enhance the quality and reach of products and services offered by artisans and craftspeople. With an initial outlay of Rs 13,000 crore for five years, the scheme garnered 48.80 lakh enrolments and 1.32 lakh applications by the end of December 2023. Additionally, the Prime Minister’s Employment Generation Programme (PMEGP) disbursed Rs 3,116.78 crore in subsidies, benefiting 85,228 micro-enterprises and generating employment for approximately 6.80 lakh individuals.

The government's revamp of the Credit Guarantee for Micro and Small Enterprises (CGTMSE) in 2023, including an increase in the guarantee coverage limit to Rs 5 crore and reduced annual guarantee fees, resulted in 12.50 lakh guarantees approved, amounting to Rs 1.46 lakh crore. Other notable achievements included the successful implementation of the Public Procurement Policy, contributing to a total procurement of Rs 37,501.25 crore from MSEs by central ministries and public sector enterprises, benefitting 130 MSEs. Moreover, MSMEs actively participated in India’s space missions, with MSME Technology Centres contributing precision components to Chandrayaan-3 and Aditya L1 missions.

In conclusion, the government's multifaceted approach in 2023, encompassing registration facilitation, financial support, policy enhancements, and active participation in space missions, has significantly contributed to the resilience and growth of MSMEs, playing a crucial role in India's economic recovery post-pandemic.