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msme-THMB-2010.jpg 'Committed to push MSME sector's contribution to economy'

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SME Times News Bureau | 24 Dec, 2019

The Ministry of Micro, Small & Medium Enterprises on Tuesday said that the sector's contribution is envisaged at $2 trillion in India’s five trillion economy by 2024.

The Indian economy is likely to emerge as one of the leading economies in the world, with an envisioned GDP of USD five trillion economy by 2024. Our vision is to ensure that at least a contribution worth USD two trillion come from MSME sector, said an official Year End Review of the ministry.

To accomplish this, M/o MSME has taken many steps during the year for technology advancement, skill development and job creation for empowerment of MSMEs, it added.

Under Prime Minister's Employment Generation Programme (PMEGP) 65,312 new micro enterprises have been set up and 5,22,496 Employment opportunities generated and a Margin money subsidy worth Rs. 1929.83 crore have been utilized, said the release.

The Government approved for continuation of Credit Linked Capital Subsidy component under Credit Linked Capital Subsidy-Technology Upgradation Scheme (CLCS-TUS) in February 2019, it added.

Under the CGTMSE, 5,46,127 credit facilities have been approved amounting to a guarantee of Rs. 33,381 crore, it added.

Ministry of MSME is implementing Technology Centre Systems Programme (TCSP) at an estimated cost of Rs. 2200 crore, it said

Organizations like Common Service Centres (CSC), Entrepreneurship Development Institute of India (EDII) on boarded for bringing MSMEs on digital platform and for providing them digital identity, it added.

 
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