Union Minister: MSMEs Create Over 34 Crore New Jobs

• 34 crore jobs created through MSMEs since 2014 via Udyam platforms.
• MSME reforms included higher credit limits and easier financing.
• 6.5 crore MSMEs registered; ₹8.34 lakh crore in loan guarantees.

Union Minister Jitan Ram Manjhi, while speaking in Rajya Sabha, said that through the Udyam Registration and Udyam Assist platforms since 2014, more than 34 crore people have gotten jobs through Micro, Small and Medium Enterprises (MSMEs). He explained that the schemes, such as the PM Vishwakarma Scheme for artisans i.e cobblers and hairdressers were significant in creating jobs in the sector.

Manjhi said that the MSME ecosystem has bolstered with a series of policy reforms and financial interventions in the recent decade. The most prominent reform is the definition of MSMEs, which was revised after 14 years to enhance the limits of investment and turnover, enabling a faster-growing enterprise retain government support as they grow. Furthermore, the credit guarantee cover for MSMEs was doubled to ₹20 crores and credit cards were introduced to MSMEs with limits up to ₹5 laksh to assist with working capital needs.

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The minister said these collective efforts have produced 25 crore jobs just in the MSME sector. It has also registered over 6.5 crore MSME units, and through the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE), ₹8.34 lakh crore of loan guarantees have been provided which have supported millions of entrepreneurs nationwide.

He emphasized that existing digital initiatives and the adoption of the kind of artificial intelligence to which IndiaAI is attached—Compute Capacity, Innovation Centres, FutureSkills—are also empowering MSMEs, particularly in states such as Haryana.