MSME Jobs in India Cross 23 Crore Mark, Adding 10 Crore Jobs in 15 Months

New Delhi, Nov 21 (KNN) The micro, small, and medium enterprises (MSME) sector in India has reported a significant surge in employment, crossing the 23-crore mark.

Official data from the MSME Ministry reveals that 5.49 crore MSMEs registered on the Udyam portal have generated 23.14 crore jobs as of November 2024. This marks a substantial rise from 13.15 crore jobs recorded by 2.33 crore MSMEs in August 2023, translating to 10 crore new jobs in just 15 months.

The total includes 2.84 crore jobs created by 2.38 crore informal micro units registered through Udyam certification, alongside 5.23 crore jobs held by women.

Micro enterprises dominate the registered units, numbering 5.41 crore, followed by 7.27 lakh small enterprises and 68,682 medium enterprises. Since the Udyam portal's launch in July 2020, the sector has shown consistent growth, starting from 2.8 crore recorded jobs.

However, historical data from the National Sample Survey (2015-16) shows that 6.33 crore unincorporated MSMEs provided 11.10 crore jobs across manufacturing, trade, services, and other sectors, indicating a dynamic and evolving employment landscape.

Despite this growth, job losses have also been a concern. Data shared by MSME Minister Jitan Ram Manjhi earlier this year revealed that 49,342 MSMEs have shut down since 2020, resulting in the loss of 3.17 lakh jobs. The closures were attributed to reasons like changes in ownership, redundant certifications, and duplicate registrations.

In a related development, the government has reduced the turnover threshold to Rs 250 crore for companies to access the Trade Receivables Discounting System (TReDS), aiming to enhance cash flow and boost MSME operations.

With the MSME sector serving as a backbone of the Indian economy, contributing significantly to employment and GDP, the increase in jobs underscores its resilience and potential. However, addressing closures and ensuring the sector's sustainability remain critical for its continued success.

(KNN Bureau)