Centre aims to extract $2 trn contribution from MSMEs in $5 trn economy

The government on Tuesday said it envisions micro, small and medium enterprises (MSMEs) to contribute USD 2 trillion to the country's target of becoming USD 5 trillion economy by 2024.

Under the Prime Minister's Employment Generation Programme (PMEGP), 65,312 new micro-enterprises have been set up, the MSME Ministry said in its year-end review for 2019.

"The Indian economy is likely to emerge as one of the leading economies in the world, with an envisioned GDP of USD 5 trillion economy by 2024. Our vision is to ensure that at least a contribution worth USD 2 trillion comes from MSME sector," it said.

Under PMEGP, 5,22,496 employment opportunities have been generated, and margin money subsidy worth Rs 1,929.83 crore has been utilized, the ministry added.

PMEGP is a major credit-linked subsidy programme being implemented by MSME Ministry since 2008-09.

The scheme is aimed at generating self-employment opportunities through establishment of micro-enterprises in non-farm sector by helping traditional artisans and unemployed youth in rural as well as urban areas.