The Micro, Small and Medium Business (MSME) sector in India has achieved unprecedented success in employment generation. According to recently released government data, registered MSMEs have created 23.14 crore jobs by November 2024, which is more than 10 crore more than last year. During this period, the number of units registered on the MSME portal has increased from 2.33 crore to 5.49 crore.
Increase in employment with business:
This figure is a witness to how important a role the MSME sector is playing in the Indian economy. Within 15 months, MSMEs have added 10 crore new jobs, and women also have a significant share in this, with 5.23 crore women employment added.
MSME got special priority in the budget:
Also, to support this sector, the government has allocated an amount of Rs 22,137.95 crore to the MSME Ministry in the Budget 2024-25, which is 41.6% more than the previous financial year. Apart from this, under many schemes, MSMEs will get loans without any collateral, so that they can easily start their business.
It is clear from this success that the MSME sector is playing an important role in strengthening the Indian employment market.
