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Press Release

Formalization of MSMEs, access to affordable credit and technology vision of the Government under Amrit Kaal: Secretary, MSME

Dec 17, 2022

  • MSME to become one of the largest employers by 2035

NEW DELHI, 17 December 2022: Mr B B Swain, Secretary, Ministry of Micro, Small and Medium Enterprises, Government of India today said that the ambitions for the next 25 years is to make Indian MSME sector more formalized. "All stakeholders will agree that in order to attract affordable credit, the sector should be more formalized. The 'Udyam' MSME registration platform launched in 2020 has gained momentum and today we have 1.28 crore registered MSME in the portal and almost 20,000 new registrations are happening daily," he added.

Addressing the FICCI's 95th Annual Convention & AGM, Mr Swain stated that the ministry is also planning to launch bulk uploading of lenders data into the Udyam portal. "Our target is to reach 5 crores registered MSME in the system by 2023. "With the increased number of registrations and formalization of the sector, it will open the gates to formal and affordable credit to registered MSMEs," he added.

Highlighting the importance of MSME during the Amrit Kaal, the secretary said that the focus will be to make the sector more formalized along with access to affordable credit. He further stated that the government is also working to connect every district of the country by setting up enterprise development and technology centers, asserted the secretary. He also said that with the slew of policy interventions, the MSME sector has the potential to become the largest employment generating sector by 2035.

Mr R Narayan, President, FICCI-CMSME acknowledged the Ministry's wholehearted support and appreciated that the Ministry of MSME has always lent ear to the industry issues and has taken steps accordingly. He also presented the Green Certificate and FICCI McKinsey Whitepaper: India's Century - Achieving Sustainable, Inclusive Growth: A roadmap for India Inc.

Mr Sanjiv Mehta, President, FICCI said that during the global financial crisis, over 60 per cent of the new jobs in the US were generated by small scale industries and that is the route that India will have to follow. 

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