The MSME sector contributes one-third to India’s gross domestic product, thus forming a strong backbone of the Indian Economy. With more than six crore enterprises, the sector has emerged as a highly vibrant and dynamic sector of the Indian economy, fostering entrepreneurship and generating self-employment opportunities at comparatively lower capital cost, next only to agriculture.
As per data from the Ministry of Micro, Small & Medium Enterprises, as of November 25, 2022, the Udyam Registration portal registered 12,201,448 MSMEs, replacing the former process of filing for a Udyog Aadhaar Memorandum (UAM). Registered micro-enterprises stood at 11,735,117 (96.17%), followed by small enterprises at 426,864 (3.49%) and midsized enterprises at 39,467 (0.32%).
The Government of India has envisioned doubling the Indian economy to US$ 5 trillion in five years. In order to achieve this goal, Center has provided numerous incentives to MSMEs acknowledging their latent potential in generating employment and contributing to the overall GDP.
Click on the following link to check out the various incentives and policies launched by government. Feel free to reach out to us for consultation!