Decoding the Union budget 2023- 24 : MSME edition
Year: 2023
Content-Type: Report
Description: By 2028, it is expected that India's MSME sector will have contributed US$ 1 trillion to the country's overall exports, accounting for around 33% of the country's GDP. There are 7.9 million registered Micro, Small, and Medium Enterprises in India (MSMEs). About 120 million employment across industries and regions are supported by the sector, which amounts for about 33% of the nation's overall GDP. The sector also includes often underappreciated and small-scale entrepreneurs like women, marginal entrepreneurs, local craftspeople, etc. who contribute to wealth development at a grassroots level. 8.59 lakh women-led MSMEs registered on the Udyam platform in FY22, making up 17% of all MSMEs. In India, 6.11% of the manufacturing GDP and 24.63% of the services GDP are produced by around 63.4 million MSMEs. Data on the export of specific MSME-related products in all India exports was supplied by the Directorate General of Commercial Intelligence & Statistics (DGCIS). Despite a rise in the number of active MSMEs, it showed a YoY fall from 25.03% to 42.67% in FY 2022-23 (up to August 2022).
Pages: 9 pages
Author: World Association for Small and Medium Enterprises (WASME)
Categories: Climate / Resilience, Developing countries, Entrepreneurship, Investments, Publications, SMEs
Tags: Climate Mitigation, Developing Countries, Energy, Investments, SMEs