This is certain: the latest data from the MSME Ministry's Udyam registration portal shows that combined employment generated by micro, small, and medium enterprises in the country crossed 202 million jobs. Indeed, this is an enormous increase of about 66 percent from the 121 million jobs reported in July last year. Of these working employees, 45.4 million are women.
As of now, 46.8 million MSMEs are registered under Udyam. Out of these, 46 million are micro-enterprises, which are really contributing to the bulk of employment. A micro-enterprise shall be an enterprise in which the investment in plant and machinery or equipment does not exceed one crore rupees, and the turnover does at all not exceed five crore rupees.
A recent economics report of the Finance Ministry stated that, subsequent to the launch of Udyam in July 2020, the MSME sector is engaged in employment that is 5.3 times more than the level realized earlier. The Government rationalized the registration process for such enterprises and Clarified their categories, so that they may take the benefits available under different schemes meant to generate jobs and increase earnings.
A small enterprise is an enterprise wherein investment in plant and machinery or equipment does not exceed ten crore rupees and the turnover does not exceed fifty crore rupees. A medium enterprise is an enterprise where the investment in plant and machinery or equipment does not exceed fifty crore rupees, and the turnover does not exceed two hundred and fifty crore rupees.
Read also | India on way to become a developed nation by 2047, says NK Singh
Read also | India Secures 3rd Place in Global Fintech Funding for First Half of 2024
