The Micro, Small, and Medium Enterprises (MSME) sector, with over 6.30 crore enterprises, continues to play a vital role in India’s economy by fostering entrepreneurship and employment. The Ministry of MSME achieved significant milestones in 2024, focusing on credit support, skill development, formalisation, and technological advancements.
1. PM Vishwakarma Scheme
Launched on 17.09.2023, the PM Vishwakarma scheme supported artisans across 18 trades. Key achievements in 2024 included:Registrations: 24.77 lakh applications processed.Skill Development: 15.05 lakh artisans trained.Credit Support: ₹2,197.72 crore loans sanctioned to 2.54 lakh beneficiaries.Digital Empowerment: 6.58 lakh beneficiaries enabled.Marketing Assistance: 75 trade fairs organised nationwide.
2. Formalisation of MSMEs
Efforts to formalise enterprises resulted in 5.70 crore MSMEs employing 24.14 crore people registering on the Udyam Portal and Udyam Assist Platform. Registration drives significantly boosted compliance and ease of business.
3. Credit Guarantee Scheme
Revamped in 2023, the scheme supported 19.90 lakh guarantees worth ₹2.44 lakh crore in 2024. Women-owned enterprises received enhanced coverage of 90%, and micro-enterprises registered on Udyam Assist Platform received loans up to ₹20 lakh.
4. MSME-TEAM Initiative
Launched with ₹277.35 crore, the MSME-TEAM scheme promoted digital trade, helping 5 lakh enterprises (50% women-owned) join e-commerce platforms.
5. Yashasvini Campaign
The campaign, in collaboration with NITI Aayog and MoRD, advanced gender parity and digital empowerment for women entrepreneurs.
6. MSME Hackathon 4.0
Supporting 500 entrepreneurs with assistance up to ₹15 lakh, the hackathon fostered innovation, receiving over 25,000 ideas for evaluation.
7. CREATE Centre in Leh
CREATE boosted local productivity through Pashmina wool and essential oil production, enhancing livelihoods.
