Centre envisions $2 trillion contribution from MSMEs in $5 trillion economy target 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

  • 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

New Delhi: The government on Tuesday said it envisions micro, small and medium enterprises (MSMEs) to contribute $2 trillion to the country's target of becoming $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.

 Centre envisions Representational image. Reuters. trillion contribution from MSMEs in  trillion economy target by 2024

Representational image. Reuters.

"The Indian economy is likely to emerge as one of the leading economies in the world, with an envisioned GDP of $5 trillion economy by 2024. Our vision is to ensure that at least a contribution worth $2 trillion comes from the 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 the non-farm sector by helping traditional artisans and unemployed youth in rural as well as urban areas.

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Updated Date: Dec 24, 2019 18:02:47 IST