New Delhi, Dec 23 (IANS) The total number of exporting micro, small and medium enterprises (MSMEs) increased considerably from 52,849 in 2020-21 to 1,73,350 in 2024-25, the government said on Monday.
MSMEs exports have witnessed a remarkable rise, increasing from Rs 3.95 lakh crore in 2020-21 to Rs 12.39 lakh crore in 2024-25, underscoring their critical role in boosting India’s economy and strengthening global trade.
MSMEs demonstrated an exemplary growth trajectory, contributing 45.73 per cent to exports in 2023-24, which increased to 45.79 per cent by May 2024, highlighting their growing impact on India’s trade performance.
Notably, the gross value added (GVA) by MSMEs in India’s GDP was 29.7 per cent in 2017-18 which rose to 30.1 per cent in 2022-23.
Even amid the unprecedented challenges posed by the COVID-19 pandemic, the sector sustained a contribution of 27.3 per cent in 2020-21, rebounding to 29.6 per cent in 2021-22.
These figures highlight the sector’s pivotal role in driving economic growth and stability, reflecting its enduring strength and importance to the Indian economy, said the Ministry of Micro, Small and Medium Enterprises.
Between July 1, 2020, and July 24, 2024, a significant number of enterprises transitioned to medium enterprises.
During the financial year 2020-21 to 2021-22, 714 micro enterprises scaled up to medium and 3,701 small enterprises were upgraded to medium enterprises, informed the ministry.
This number increased steadily with the financial year 2023-24 to 2024-25 witnessing further growth, with 2,372 micro enterprises and 17,745 small enterprises scale up to medium.
“As India strives to position itself as a global economic powerhouse, the MSME sector undoubtedly plays a central role, fostering innovation, generating employment, and enhancing export competitiveness,” the ministry noted.
MSME’s are the backbone of India’s economic landscape, pivotal in employment generation, entrepreneurship promotion, and economic development.
–IANS
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