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

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

Press Trust of India  |  New Delhi 

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

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 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 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 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.

First Published: Tue, December 24 2019. 17:35 IST
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