Centre Envisions $2 Trillion Contribution From MSMEs In Economy
A vendor selling nuts and dried fruit waits for customers at a market stall in Ahmedabad, Gujarat. (Photographer: Dhiraj Singh/Bloomberg)  

Centre Envisions $2 Trillion Contribution From MSMEs In Economy

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The government on Tuesday said it envisions micro, small and medium enterprises to contribute $2 trillion to the country's target of becoming $5 trillion economy by 2024.

Under the Prime Minister's Employment Generation Programme, 65,312 new micro-enterprises have been set up, the MSME Ministry said in its year-end review for 2019.

"The Indian economy is likely to emerge as one of the leading economies in the world, with an envisioned Gross Domestic Product of $5 trillion economy by 2024. Our vision is to ensure that at least a contribution worth $2 trillion comes from the MSME sector," it said.

Under PMEGP, 5,22,496 employment opportunities have been generated, and margin money subsidy worth Rs 1,929.83 crore has been utilised, the ministry added.

PMEGP is a major credit-linked subsidy programme being implemented by MSME Ministry since 2008-09.

The scheme is aimed at generating self-employment opportunities through establishment of micro-enterprises in non-farm sector by helping traditional artisans and unemployed youth in rural as well as urban areas.

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