Over 34 Crore Jobs Created Through MSMEs Since 2014: Minister
Over 34 crore people have gained employment through Micro, Small and Medium Enterprises (MSMEs) since 2014 via the Udyam and Udyam Assist portals, Union MSME Minister Jitan Ram Manjhi informed the Rajya Sabha. He stated there is no shortage of funds or workforce in the sector, highlighting schemes like PM Vishwakarma Yojana that support traditional workers such as cobblers.
MSMEs, considered the backbone of India’s industrial growth, have crossed 6 crore in number. Lending to the sector has grown from ₹12 lakh crore to ₹30 lakh crore over the past decade. A major reform was the revision of the MSME definition to ease credit access and encourage business expansion without loss of benefits.
In the Union Budget, Prime Minister Modi announced the doubling of loan guarantee cover to ₹20 crore and plans to introduce ₹5 lakh credit cards for MSMEs. A NITI Aayog report has urged systemic reforms in financing, innovation, and market access to fully unlock the sector’s potential.
