The Ministry of Micro, Small and Medium Enterprises (MSME) has concluded 2024 on a high note, with the PM Vishwakarma Scheme emerging as a standout initiative.
Besides, several other schemes have also been launched by the MSME Ministry in the year 2024.
Launched in 2023, the scheme has significantly empowered artisans and craftspeople across 18 traditional trades. In 2024 alone, 24.77 lakh artisans registered under the scheme, receiving crucial support in skill development, credit, and market access.
This and other initiatives by the MSME Ministry have contributed to the sector’s vibrant growth, fostering entrepreneurship and employment across India.
A total of ₹2,197.72 crore was disbursed as collateral-free loans, giving a substantial boost to artisans in expanding their businesses. A national event on 20th September 2024 in Wardha, Maharashtra, commemorated the scheme’s success.
Boosting MSME Formalization: The government’s focus on formalizing enterprises has been instrumental in giving MSMEs a formal identity and easing the process of doing business. By the end of December 2024, 5.70 crore MSMEs had registered on the Udyam platform, creating employment for over 24.14 crore people.
Enhanced Credit Support: The revamped Credit Guarantee Scheme has seen 19.90 lakh guarantees amounting to ₹2.44 lakh crore approved in 2024.
The scheme particularly benefits women entrepreneurs, with guarantee coverage increased to 90% for women-owned enterprises.
MSME-TEAM Initiative: Launched in June 2024, this initiative has digitally empowered 5 lakh MSMEs, half of which are owned by women entrepreneurs. It helps micro and small enterprises enter the e-commerce space by offering services like catalog preparation, account management, logistics, and packaging.
Yashasvini Campaign: Focused on gender parity, the Yashasvini Campaign was launched to formalize, mentor, and enhance the capacity of women entrepreneurs. Collaborating with NITI Aayog and the Ministry of Rural Development, the campaign has made significant strides towards empowering women.
International Collaboration: In 2024, the Ministry of MSME signed several significant Memorandums of Understanding (MoUs) with countries like the U.S. and Egypt, promoting bilateral cooperation and boosting the MSME sector through knowledge sharing and technology adoption.
Khadi and Village Industries: The Khadi and Village Industries sector has seen a dramatic rise in sales, from ₹33,135.90 crore in 2014-15 to ₹1,55,673.13 crore in 2023-24, driving socio-economic development in rural India.
These achievements underscore the Ministry’s efforts in making MSMEs a dynamic sector that plays a crucial role in India’s economic growth.
With continuous support for skill development, technological adoption, and innovation, the MSME sector is set to reach new heights in the coming years.
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