MSME sector in India creates huge employment: New record of 23 crore jobs
Micro, Small and Medium Enterprises (MSME) in India have set a new milestone in the field of employment. According to the latest data from the Ministry of MSME, by November 2024, MSME has generated 23.14 crore jobs, which is an unprecedented achievement.
10 crore new jobs in 15 months
MSME has added 10 crore new jobs in 15 months. While 2.33 crore MSMEs had created 13.15 crore jobs in August last year, now this number has increased to 23.14 crore from 5.49 crore registered MSMEs.
Out of the registered MSMEs, 2.38 crore have generated 2.84 crore jobs, and 5.23 crore women also became a part of these jobs.
The highest number of jobs under MSME are in micro enterprises, which number 5.41 crore. At the same time, the number of small enterprises is 7.27 lakh and the number of medium enterprises is 68,682.
MSME got priority in the budget
An amount of Rs 22,137.95 crore has been allocated to the MSME Ministry in the Union Budget 2024-25, which is 41.6% more than the previous financial year.
Additionally, several new schemes have been announced in the budget, including a scheme to provide loans without any collateral so that more people can start their own business.
The importance of digital transformation has also been recognized, with 6% of MSMEs being active on e-commerce platforms.
Under the new scheme, MSMEs will be given term loans without any collateral and guarantee to purchase machinery and tools, which can be guaranteed up to Rs 100 crore.
Conclusion: MSME sector has contributed significantly to India’s economy with employment generation, and the government is also constantly making efforts to support this sector so that more people can get employment and small businesses can grow.
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