Facts About SME Sector in India
Published: January 28, 2019
Eligibility: A number of factors like age, gross/net income etc
- As per 2017 estimates, the MSME sector consists of 51 million units and provides employment to over 117 million persons. The sector contributes 7% to India’s GDP while accounting for 45% of the total manufacturing output that contribute 40% of the exports from India.
- About 55.3% of the country’s MSMEs are based in rural areas.
- Close to 95% output of MSME sector is used in domestic consumption.
- SMEs manufacture close to 6000 products in India.
- SMEs account for 16 per cent of total bank lending in the country.
- According to a survey carried out by American Express Global SME Pulse 2017, 71% of the SME respondents hold an optimistic view about their domestic economy, followed by Japan with 62% and Japan with 54%
- In a first, Ministry of MSME has been awarded the ISO 9001-2008 certification. Implementation of ISO standards has enabled the Ministry to identify areas for improvement and also bring in transparency and accountability in its functioning.
- The government has developed a web-based application module and Mobile App ‘MyMSME’ has been launched enabling entrepreneurs to submit their applications for schemes online and track it at their convenience.