Centre envisions $2 trillion contribution from MSMEs in $5 trillion economy target by 2024

The government on Tuesday said it envisions micro, small and medium enterprises (MSMEs) to contribute $2 trillion to the country's target of becoming $5 trillion economy by 2024

|Dec 24, 2019, 18:02:47 IST

New Delhi: The government on Tuesday said it envisions micro, small and medium enterprises (MSMEs) to contribute $2 trillion to the country's target of becoming $5 trillion economy by 2024.Under the Prime Minister's Employment Generation Programme (PMEGP), 65,312 new micro-enterprises have been set up, the MSME Ministry said in its year-end review for 2019.[caption id="attachment_4308531" align="alignleft" width="380"]

Representational image. Reuters.[/caption]"The Indian economy is likely to emerge as one of the leading economies in the world, with an envisioned GDP of $5 trillion economy by 2024. Our vision is to ensure that at least a contribution worth $2 trillion comes from the MSME sector," it said.Under PMEGP, 5,22,496 employment opportunities have been generated, and margin money subsidy worth Rs 1,929.83 crore has been utilized, the ministry added.PMEGP is a major credit-linked subsidy programme being implemented by MSME Ministry since 2008-09.The scheme is aimed at generating self-employment opportunities through establishment of micro-enterprises in the non-farm sector by helping traditional artisans and unemployed youth in rural as well as urban areas.

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