MSME Employment in India Surges by 66%, Crosses 20.2 Crore Mark
Overview
The total employment in India's micro, small, and medium enterprises (MSMEs) has reached over 20.2 crore, reflecting a 66% increase from last year’s 12.1 crore jobs. This significant growth is attributed to the simplified registration process on the Udyam portal.
Key Statistics
- Current Employment: 20.2 crore workers
- Increase from Last Year: 66%
- Women Employees: 4.54 crore
- Total Registered MSMEs: 4.68 crore, with 4.6 crore being micro enterprises
Factors Driving Growth
The Finance Ministry highlighted that the employment surge in the MSME sector is a result of the Udyam portal launched in July 2020, which has streamlined the registration process and clarified the definitions of various enterprise categories. This has enabled MSMEs to avail incentives under different schemes, thereby promoting employment and income growth.
MSME Classification
- Micro Enterprises: Investment in plant and machinery or equipment does not exceed one crore rupees, turnover does not exceed five crore rupees.
- Small Enterprises: Investment in plant and machinery or equipment does not exceed ten crore rupees, turnover does not exceed fifty crore rupees.
- Medium Enterprises: Investment in plant and machinery or equipment does not exceed fifty crore rupees, turnover does not exceed two hundred and fifty crore rupees.
Conclusion
The remarkable increase in employment within the MSME sector underscores the sector's pivotal role in India's economic landscape. The streamlined processes and clear definitions have empowered small and medium businesses to grow and contribute significantly to the country's employment and economy.
For more information, read the full article on Odisha TV.
