The year 2024 has seen various milestone achievements by the Ministry of MSME, including the launch of new campaigns and initiatives, and collaborative MoUs with other countries for bilateral cooperation. It has been a remarkable year, introducing several new programmes. Some of the key initiatives and achievements of the Ministry in 2024 are as follows:
Major Initiatives and Achievements During 2024:
In 2024, the Indian MSME sector, encompassing over 6.30 crore enterprises, has showcased significant growth and dynamism, primarily facilitated by the Ministry of Micro, Small and Medium Enterprises.
This year, the sector witnessed the launch of several impactful initiatives such as the PM Vishwakarma scheme, which provided comprehensive support to artisans, including credit and skill training.
1.1 PM Vishwakarma (National Event on 20.09.2024)
Prime Minister launched the PM Vishwakarma scheme on 17.09.2023, providing end-to-end support to artisans and craftspeople from 18 trades who work with their hands and tools. Key milestones under the PM Vishwakarma scheme from January 1, 2024 to December 30, 2024 include:
Registrations: 24.77 lakh applications were successfully registered.
Skill Upgradation: 15.05 lakh beneficiaries have completed basic skill training.
Credit Support: ₹2197.72 crore sanctioned to 2.54 lakh beneficiaries in the form of collateral-free loans at concessional interest rates.
Digital Incentive: 6.58 lakh beneficiaries are digitally enabled.
Marketing Support: 75 trade fairs and exhibitions organised nationwide to promote artisans and their crafts & skills. To commemorate the first anniversary of the PM Vishwakarma Scheme, a national event was held on 20.09.2024 in Wardha, Maharashtra, where the Honourable Prime Minister addressed the gathering and awarded loans to 18 selected PM Vishwakarma beneficiaries.
1.2 Formalisation of MSMEs:
A major focus has been the formalisation of enterprises, providing an identity to MSME enterprises and easing business operations. As of 26.12.2024, as many as 5.70 crore MSMEs employing 24.14 crore people are registered on the Udyam Registration Portal and Udyam Assist Platform (UAP). The Ministry of MSME, through its Development and Facilitation Offices (DFOs) and in coordination with State Governments, has promoted special registration drives across the country, significantly increasing the number of registered enterprises.
1.3 Credit Guarantee Scheme
The Credit Guarantee Scheme for Micro and Small Enterprises is a flagship scheme of the Ministry of MSME, providing collateral-free loans. This scheme was revamped in 2023, enhancing the ceiling limit of guarantee coverage from ₹2 crore to ₹5 crore; the annual guarantee fees were reduced, and the threshold limit for waiver of legal action was increased.
Over 19.90 lakh guarantees have been approved amounting to ₹2.44 lakh crore during the period from January 1 to December 30, 2024. Additionally, a Special Scheme for Micro Enterprises, exempt from the GST regime and registered on Udyam Assist Platform, was launched on February 14, 2024, providing loans up to ₹20 lakh guaranteed without any primary security to informal micro enterprises, with a guarantee coverage of 85 per cent.
The guarantee coverage for women-owned enterprises has been enhanced from the existing 85 per cent to 90 per cent compared to 75 per cent for others, effective from April 1, 2024, recognising the importance of women entrepreneurs in the country’s economic growth.
1.4 ‘MSME – Trade Enablement and Marketing (MSME-TEAM)’ Scheme:
The Ministry launched the MSME-TEAM initiative during the Udyami Bharat event on 27.06.2024, with an outlay of ₹277.35 crore to promote the digitalisation of trade and commerce among MSMEs. This initiative assists micro and small enterprises in onboarding e-commerce platforms by helping with catalogue preparation, account management, logistics, and packaging. The scheme aims to digitally empower 5 lakh MSEs, half of which will be owned by women entrepreneurs, significantly enhancing their market access and capacity building.
1.5 Yashasvini Campaign on 27.06.2024:
Launched during the ‘Udyami Bharat – MSME Day’ event, the Yashasvini Campaign is a major step towards achieving gender parity by 2029 on the Udyam and Udyam Assist (UA) portals. The campaign was initiated in collaboration with the Women Entrepreneurship Platform (WEP), NITI AAYOG, and the Ministry of Rural Development (MoRD), focusing on the formalisation, capacity building, mentoring of women, and promotion of Digital e-Commerce.
1.6 MSME Hackathon 4.0 on 11.09.2024
The MSME Hackathon 4.0 was launched to promote the adoption of the latest technologies by MSMEs and expand businesses by supporting them in design, strategy, and execution. The hackathon supports 500 young entrepreneurs with assistance of up to ₹15 lakh each to promote incubation and innovation. More than 25,000 completed ideas have been received and are currently under evaluation.
1.7 Centre for Rural Enterprise Acceleration through Technology (CREATE) set up at Leh on 14.09.2024:
The Honourable Minister for MSME inaugurated the CREATE setup at Leh through virtual mode. CREATE provides a Pashmina wool roving facility and training for the development of a production facility for essential oil extraction from roses and other flowers. It aims to enhance local productivity, improve product quality, and boost economic potential, improving the livelihoods of local communities by enabling value addition and helping local artisans earn higher remuneration.
1.8 Signing of MoU with US-SBA:
The Ministry of MSME signed a Memorandum of Understanding (MoU) with the United States Small Business Administration (US-SBA) in New Delhi on 13.08.2024 to promote bilateral cooperation for the development of small and medium-sized enterprises (SMEs) in both countries. A webinar was held on 10th December 2024 to operationalise the MoU.
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