Economic Survey 2022 reflects on employment generation capacity of MSMEs and govt schemes

New Delhi, Jan 31 (KNN) The Economic Survey 2022-23 highlighted the contribution of Micro, Small & Medium Enterprises (MSMEs) for the economic and social development of the country with regards to entrepreneurship and employment generation.

It noted the 33.08 per cent share of MSME GVA in total GVA (current prices) for 2019-20.

Emphasising on the several initiatives taken by the government to support MSMEs, the annual economic report pressed on the revision in the definition of MSMEs brought in w.e.f. 1st July, 2020 as part of the Atmanirbhar Bharat package introduced a composite-criteria of investment and annual turnover- and identical limits for manufacturing and services sector.

To boost the ease of doing business, new registration process for MSMEs was introduced by reducing transaction time and costs which resulted in registration of 66,34,006 enterprises on the Udyam portal as of 17th January, 2022, out of which 62,79,858 are micro; 3,19,793 are small; and 34,355 are medium enterprises, said the survey.

It also underlined the new measures undertaken by the government to include retail and wholesale trades as MSMEs and were allowed to be registered on Udyam Registration Portal.

Nevertheless, the benefits to retail and wholesale trade MSMEs are to be restricted to Priority Sector Lending only.

In this regard, now, street vendors can also register as retail traders on Udyam Registration (UR) portal and avail the benefit of priority sector lending, said the survey.