Udyam Portal Claims MSME Employment In India Over 20 Crore

ENA MSME 2024-07-05 13:51:38 New Delhi, Jul 5 (KNN) In a significant development for India's economy, the Udyam registration portal has reported that employment in micro, small and medium enterprises (MSMEs) has surpassed the 20-crore mark. As of July 4, the portal, managed by the MSME Ministry, recorded 20.19 crore jobs from 4.68 crore registered MSMEs, marking a 66 per cent increase from the 12.1 crore jobs reported in July of the previous year. The data reveals that 2.32 crore jobs were contributed by GST-exempted informal micro enterprises. Notably, women employees account for 4.54 crore of the total reported jobs, indicating a substantial female presence in the MSME workforce. This surge in employment figures contrasts with the MSME Ministry's annual reports, which continue to cite the National Sample Survey (NSS) 73rd round conducted in 2015-16. The ministry's 2022-23 report, based on this survey, states that the MSME sector created 11.10 crore jobs across various sectors including manufacturing, trade, and services. The Finance Ministry's Department of Economic Affairs (DEA), in its monthly economic report, highlighted that MSME employment has increased 5.3 times since the Udyam portal's launch in July 2020. The DEA attributes this growth to the revised definition of MSMEs, which has ostensibly facilitated ease of doing business and promoted investment. However, the outlook for job creation in the small business sector appears less optimistic for the current year. A survey conducted by CPA Australia in May, encompassing 505 Indian small businesses, indicates that only 67 per cent plan to recruit new staff this year, down from 86 per cent in the previous year. The survey identified increasing costs, competition, and cash flow challenges as major obstacles for India's small businesses in the past year. Staff and material costs were cited as particularly detrimental to small businesses in 2023. While the Udyam portal data suggests a robust expansion in MSME employment, the conflicting figures from different sources and the projected slowdown in hiring intentions present a complex picture of the sector's growth trajectory. (KNN Bureau) 38481 https://knnindia.co.in/news/newsdetails/msme/udyam-portal-claims-msme-employment-in-india-over-20-crore 2024-07-05 13:51:38 knnindia.co.in Udyam Portal Claims MSME Employment In India Over 20 Crore