Overview

Micro, Small and Medium Enterprises (MSMEs) are the most important sector in the growth and progress of both the developed and developing economy. MSMEs constitute 90% of the businesses worldwide. 1 It has a contribution in generating 50% of employment globally.2 Formal and informal Small and Medium Enterprises (SMEs) have a contribution to more than 40% of the Gross Domestic Product (GDP) of the emerging economies across the world.3 India has an estimated total number of 633.88 lakh MSMEs.4 According to the Ministry of MSME, 30,00,822 MSMEs are registered in the Udyam Registration portal as of May 16, 2021.5 The numbers of micro, small and medium enterprises are approximately 28 lakh (93%), 1.78 lakh (6%) and 24,657 (1%) respectively.6 The MSMEs in India has a contribution of 29% to the national GDP.7 In 2020, number of registered MSMEs in India reached to 2.5 million units from 2.1 million units of 2019 with a year-on-year growth rate of 18.5%.8.

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