State Targets Multifold GDP Growth Through MSME Push

The state government has unveiled a bold vision to increase GDP multifold, with the MSME sector positioned at the core of this strategy. Speaking at an industry event, the MSME minister emphasized that micro, small, and medium enterprises are vital drivers of economic development, innovation, and employment. The government is committed to strengthening MSMEs through targeted schemes, financial support, and skill development initiatives.  

Key highlights from the announcement include  

• MSMEs currently contribute nearly 30% to India’s GDP and over 45% to exports, making them a crucial growth engine.  
• The government has launched schemes such as PMEGP, CGTMSE, and SFURTI to support entrepreneurship, credit access, and traditional industries.  
• Over 5.70 crore MSMEs are registered on the Udyam platform, reflecting strong participation in formalized business structures.  
• Employment generation remains a key focus, with PMEGP alone creating over 4.6 lakh jobs in FY 2024-25.  
• Public procurement policies have ensured MSMEs receive contracts worth Rs 37,190 crore, strengthening their market presence.  
• Skill development and cluster-based growth models are being promoted to enhance competitiveness and innovation.  
• The government highlighted that MSMEs are the second-largest employer after agriculture, underscoring their role in inclusive growth.  

Experts note that the state’s strategy aligns with the national vision of building a self-reliant and developed India. By empowering MSMEs with financial support, infrastructure, and digital tools, the government aims to unlock new opportunities in manufacturing, exports, and services.  

The minister stressed that the multifold GDP growth target is achievable through collective efforts of entrepreneurs, policymakers, and industry stakeholders. With MSMEs driving grassroots innovation and employment, the sector is expected to play a transformative role in shaping the state’s economic future.  

Sources: Press Information Bureau, Ministry of MSME, MSME Newsletter