MSME IN INDIA
MSME stands for Micro, Small and Medium Enterprises. … The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries (As per msme.gov.in).
According to the MSME Ministry’s FY19 annual report, the MSME sector is dominated by micro-enterprises. India has 6.33 crore MSMEs out of which 6.30 crore — 99.4 per cent are micro-enterprises while 0.52 per cent — 3.31 lakh are small and 0.007 per cent — 5,000 are medium enterprises. (Mar 23, 2020,Financial Express)
MSMEs have a contribution of 29 per cent in our country’s GDP and the department has decided that we will increase the contribution to 50 per cent of the GDP,” said Gadkari, Union Minister for MSME and Road, Transport and Highways. He added that till now, 11 crore people have received employment in MSME
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