New Delhi, May 14 (IANS): The government has accelerated formalisation of unregistered enterprises through the Udyam and Udyam Assist platforms, bringing over 7.9 crore MSMEs and informal micro enterprises into the formal economy, an official statement said on Thursday.
Targeted policy measures are improving access to credit, strengthening legal safeguards and enhancing ease of doing business, while digital platforms such as GeM, TReDS and SAMADHAAN are enabling better market access and faster payments, the statement noted.
Collectively, these efforts are strengthening the MSME ecosystem and advancing inclusive growth across rural and semi‑urban India.
Over 30 lakh artisans had registered under the PM Vishwakarma Scheme and over 26.7 lakh beneficiaries completed skill verification and more than 23.7 lakh underwent basic training, the government said.
Nearly 5.9 lakh loans amounting to nearly Rs 5,050 crore have been approved and over 25.8 lakh e‑vouchers issued to support toolkit incentives and enterprise development.
Further, the government highlighted measures to ensure capital availability, including a Rs 10,000 crore SME Growth Fund and additional allocations to the Self‑Reliant India (SRI) Fund under the Union Budget 2026–27.
The MSME ministry implemented the Credit Guarantee Scheme (CGS) through the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). As per the Union Budget 2025-26, the ceiling of guarantee coverage under CGS has been enhanced from Rs 5 crore to Rs 10 crore for banks.
Going forward, continued convergence between digital platforms, financial institutions, and grassroots implementation agencies will be crucial to ensure the benefits reach last-mile entrepreneurs, artisans, rural traders, and first-generation micro enterprise owners, the statement said.
MSMEs contribute about 31.1 per cent to India’s GDP, account for 48.58 per cent of total exports, and generate around 35.4 per cent of manufacturing output. The sector encompasses more than 7.47 crore enterprises across manufacturing, services, and trade activities. It provides livelihoods to approximately 32.8 crore people, making it the second-largest source of employment after agriculture.
(IANS)
This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.