New Delhi, December 23 (IANS). Due to the government making favorable policies for small industries, MSME exports have seen a jump of more than three times in four years.
The government informed on Monday that MSME exports have increased to Rs 12.39 lakh crore in 2024-25, which was Rs 3.95 lakh crore in 2020-21.
With this, the number of exporting Micro, Small and Medium Enterprises (MSME) in the country has increased to 1,73,350 in 2024-25, which was 52,849 in 2020-21.
The share of MSMEs in the country’s total exports has increased significantly. In 2023-24 it was 45.73 percent, which increased to 45.79 percent in May 2024.
Gross value addition (GVA) by MSMEs to India’s GDP has increased from 29.7 percent in 2017-18 to 30.1 percent in 2022-23.
Despite the unprecedented challenges posed by the COVID-19 pandemic, the contribution of MSMEs stood at 27.3 per cent in 2020-21, which increased to 29.6 per cent in 2021-22.
Between July 1, 2020 and July 24, 2024, a large number of small enterprises have transformed into medium enterprises.
The ministry said that during the financial year 2020-21 to 2021-22, 714 micro enterprises and 3,701 small enterprises have achieved the status of medium scale enterprises.
There has been a continuous increase in this number and this figure has increased further from 2023-24 to 2024-25. During this period, 2,372 micro enterprises and 17,745 small enterprises achieved medium level status.
The ministry said that India is rapidly establishing itself as a global economic powerhouse. It is playing a big role in MSME sector. Through this, it is helping in advancing innovation in the country, generating employment and increasing export competitiveness.
–IANS
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