Brief
Union Minister Kishan Reddy says MSMEs essential for India's 2047 development goal
Reddy cited MSMEs' share of GDP, manufacturing and exports, and outlined government schemes to boost the sector.
By Felo News Desk · Published
Union coal minister G. Kishan Reddy told the Laghu Udyog Bharati‑South India Conclave in Hyderabad on 10 October that micro, small and medium enterprises (MSMEs) are pivotal to achieving a developed India by 2047.
He said MSMEs account for 32% of GDP, 36% of manufacturing output and 49% of exports, and that nearly 9.80 crore firms are registered on the Udyam platform, employing over 40 crore people, including 37% women‑owned enterprises.
Reddy identified finance as a major hurdle, noting the Centre’s plans to provide long‑term equity capital, faster approvals, tax relief and schemes such as the Credit Guarantee Fund, PM Vishwakarma, MUDRA and the PM Employment Guarantee Scheme to improve technology, expand production and increase exports.
He also warned that opposition criticism of the economy could deter investors and affect youth employment.
Key facts
- MSMEs contribute 32% of India's GDP, 36% of manufacturing output and 49% of exports. (deccanchronicle.com)
- Nearly 9.80 crore MSMEs are registered on the Udyam platform. (deccanchronicle.com)
- MSMEs provide jobs to more than 40 crore people, with women owning 37% of them. (deccanchronicle.com)
- The government is offering schemes like Credit Guarantee Fund, PM Vishwakarma, MUDRA and PM Employment Guarantee to support MSMEs. (deccanchronicle.com)
Sources
- [1] deccanchronicle.com — originally reported as “Kishan Reddy Calls MSMEs Key To Building Developed India By 2047”
