The total number of new jobs created by micro, small and medium enterprises in the country has gone up by close to 10 crore over the last 15 months, official data recorded on the government's Udyam portal showed.
According to the figures, the number of registered MSMEs has now gone up to 5.49 crore from 2.33 crore in August last year while the number of jobs reported by these enterprises has shot up to 23.14 crore from 13.15 crore during this period.
Total employment included 2.84 crore jobs by 2.38 crore informal micro units registered with government through Udyam certification and 5.23 crore women employment. Out of total registered units, 5.41 crore are micro enterprises, small enterprise being 7.27 lakh and medium enterprise is only 68,682.
Micro, Small, and Medium-sized Enterprises. The budget has also provided high priority to micro small and medium enterprises as they have the capacity to create a large number of jobs.
The Union Budget 2024-25 provisioned the MSME Ministry with Rs 22,137.95 crore-a staggering 41.6% hike from last fiscal. It included a slew of initiatives under the flagship to foster MSMEs such as a new scheme that will provide term loans to manufacturing MSMEs without collateral or a third-party guarantee.
The upper limit of Mudra loans was enhanced for all "Tarun" repayment àbags" to Rs 20 lakh only for entrepreneurs who have repaid previous loans in the "Tarun" category. The threshold for purchases under PSU banks was reduced from Rs 500 crores to Rs 250 crores.
Covers financial assistance to establish food irradiation units and food quality and safety testing labs, apart from asking public sector banks to develop in-house capabilities to assess MSMEs for credit using Digital Foot Print Scoring.
The budget also recognized the significance of digital transformation for MSMEs while noting that only 6% of MSMEs currently sell actively on e-commerce platforms.
The finance minister announced that to facilitate term loans to MSMEs for the procurement of machinery and equipment without collateral and guarantee, a new scheme will be introduced. A guarantee fund will provide guarantees up to Rs 100 crore.
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