MSME Sector Contributes Significantly to Indian Economy: Nitin Gadkari

As per news reports, Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises released a written statement in Rajya Sabha. The minister wrote that the MSME Sector contributes significantly to the Indian Economy in terms of Gross Domestic Product (GDP), Exports and Employment generation.

The statement further read, as per the information received from the Central Statistics Office (CSO), Ministry of Statistics & Programme Implementation (MOSPI), the Share of MSME Gross Value Added (GVA) in total GVA during 2016-17 was 31.8%.

As per the information received from Directorate General of Commercial Intelligence and Statistics (DGCIS) the Share of MSME related Products in total Export from India during 2018-19 is 48.10%.

As per 73rd Round of National Sample Survey (NSS), conducted by the Ministry of Statistics & Programme Implementation during the period 2015-16, the estimated number of workers in unincorporated non-agriculture MSMEs in the country are 11.10 crore.

The minister also quoted that under the Prime Minister’s Employment Generation Programme (PMEGP,) the estimated employment generated (number of persons) in micro enterprises during the years 2014-15, 2015-16, 2016-17, 2017-18 and 2018-19 are 3.58 lakhs, 3.23 lakhs, 4.08 lakhs, 3.87 lakhs and 5.87 lakhs, respectively.

The minister also highlighted that the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) was launched by the Government of India to make available collateral-free credit to the micro and small enterprise sector. The minister quoted, that 4.36 lakhs credit facilities amounting to ₹ 30168.57 crore were approved under the CGTMSE during the year 2018-19.

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