Registered MSMEs may touch 9 crore mark by 2029: Official
More than 6 crore MSMEs are currently registered under Udayam and Udayam Assist (UA) portals, Joint Secretary in the Ministry of Micro, Small and Medium Enterprises Mercy Epao said.
The registered MSMEs (micro, small and medium enterprises) in the country are expected to touch the 9 crore mark by 2026, a senior government official said on Wednesday. More than 6 crore MSMEs are currently registered under Udayam and Udayam Assist (UA) portals, Joint Secretary in the Ministry of Micro, Small and Medium Enterprises Mercy Epao said at the Assocham event here.
"We are trying to formalise all the MSMEs in the country and hopefully by 2029 we will reach 9 crore," Assocham said in a statement quoting Epao.
The sector contributes more than 30% of GDP, 36% of manufacturing output and more than 45% of exports.
She said that bank credit to these entities has been growing faster than credit dispersal to large enterprises.
Edited by Jyoti Narayan
