Union Minister Jitan Ram Manjhi Hails MSME Sector as Pillar of India’s Economic Growth

Mumbai: Union Minister Jitan Ram Manjhi, addressing a press conference in Mumbai, outlined the major achievements of the Ministry of Micro, Small and Medium Enterprises (MSME), highlighting its vital role in the country’s economic development. Marking the 11th anniversary of the Narendra Modi-led government, he said the MSME sector has emerged as a backbone of India’s economy, contributing significantly to GDP, exports, and employment.

“Under the leadership of Prime Minister Narendra Modi, India has evolved into a robust and resilient economy, and the MSME sector is playing a pivotal role in this transformation,” he said.

According to the minister, the MSME sector now contributes over 30% to India’s GDP, 35.4% to the manufacturing output, and 45.73% to total exports. In the past five years, the number of registered MSME units has risen more than 15-fold, now standing at 6.53 crore. These enterprises have collectively generated employment for approximately 28.2 crore people.

The Udyam Portal, a digital registration platform for MSMEs, has recorded 3.8 crore registrations, accounting for over 24.9 crore jobs. Additionally, 2.72 crore MSMEs are registered on the Udyam Assist Portal, generating employment for 3.28 crore individuals.

Manjhi also discussed the three key institutions under the MSME Ministry:

• National Small Industries Corporation (NSIC): Focuses on promoting micro and small entrepreneurs by assisting with raw materials procurement, marketing, credit ratings, and modern business practices.
• Khadi and Village Industries Commission (KVIC): Established under the 1956 Act, KVIC supports rural employment and strengthens the village economy through promotion of Khadi and related industries.
• Coir Board: Formed in 1954, the board plays a crucial role in generating rural employment, particularly in coconut-producing regions.

The minister emphasised that the Ministry’s rising budget, pegged at Rs 23,168.15 crore for FY 2025–26, reflects the government’s growing commitment to the sector.

“Our goal remains singular — to fulfil Prime Minister Modi’s vision of a ‘Viksit Bharat’ and establish India as a Vishwaguru,” Manjhi concluded.