From the recently released figures it is pleasing to know that the number of exporting MSMEs has risen from 52,849 in 2020-21 to 1,73,350 in 2024-25. They now account for over 45% of the country’s total exports with a surge in exports from Rs. 3.95 lakh crore in 2020-21 to an impressive Rs. 12.39 lakh crore by 2024-25, demonstrating their significant contribution to India’s trade.
One important thing that is to highlight that a major percentage of the MSMEs operate in the informal sector and are unregistered with the government portal. What the government needs to do is to help such MSMEs register, educate them about the benefits and schemes offered by the government which they might not be aware of and provide them with the necessary support to formalise their operations. This recent data further cements the importance of MSMEs in the growth of the Indian economy. A key factor contributing to this encouraging growth story, in my opinion, is the conducive environment for small businesses in the country supported by government policies such as the Atmanirbhar Bharat scheme, Market Development scheme (MDA), Export Market Promotion, MSME reforms, and credit facilitation measures. These initiatives have empowered small businesses to innovate, expand, and compete globally.
In conclusion, MSMEs have a lot to contribute to the country’s economic wellbeing and I have no doubt in my mind that in the coming years the sector will show even more encouraging figures in terms of not only growth, but exports and employment generation alike.
