MSMEs as Drivers of Growth and Employment
During the interaction, the Vice-President was informed that MSMEs play a decisive role in entrepreneurship development, livelihood creation, and environmental sustainability. With India now aiming for rapid economic expansion under the vision of Viksit Bharat, the sector is positioned as a backbone supporting millions of enterprises and workers.
Officials emphasized that MSMEs have historically been the second-largest employment providers in India, surpassed only by agriculture. The Vice-President acknowledged this record and encouraged continued focus on expanding the productivity, competitiveness, and market reach of small businesses.
He reiterated that MSMEs carry a “rich legacy of innovation and resilience,” and stressed the need for targeted interventions such as infrastructure development, technology upgradation, and training institutes in economically backward regions to unlock the sector’s full potential.
Strengthening Formalization Through Udyam Registration
One of the key areas presented during the briefing was the Ministry’s success in formalizing enterprises through the Udyam Registration Portal. The digital platform has streamlined identity verification, improved access to credit, and enhanced ease of doing business for small entrepreneurs across sectors.
Officials noted that formalization enables enterprises to participate in government procurement, access subsidies, and benefit from credit guarantee schemes. This shift toward a more organized MSME ecosystem is expected to drive transparency and provide a stronger foundation for growth.
Spotlight on Flagship MSME Schemes
The Ministry outlined several flagship schemes aimed at supporting enterprise growth, particularly among artisans, rural entrepreneurs, and small manufacturers. These include:
- PM Vishwakarma scheme for traditional artisans and craftspeople
- Credit Guarantee Scheme for stronger financial support
- Prime Minister’s Employment Generation Programme (PMEGP)
- Micro and Small Enterprises Cluster Development Programme (MSE-CDP)
- Public Procurement Policy for MSMEs
- Initiatives supporting women and SC/ST entrepreneurs
The Vice-President appreciated how these schemes have been scaled up to reach beneficiaries across the country and praised the Ministry for expanding budgetary support and enabling easier access to credit for young entrepreneurs.
Focus on Khadi, Village and Coir Industries
The briefing also covered efforts to strengthen Khadi, Village Industries, and Coir Industries — sectors that create high rural employment and preserve India’s traditional crafts. According to officials, increased credit flow, market linkage support, and adoption of modern technologies are helping artisans become more competitive.
The Vice-President welcomed the renewed emphasis on grassroots enterprises and noted that such industries not only support livelihoods but also contribute significantly to sustainable development.
Vice-President Calls for Continued Revitalization of MSMEs
In his concluding remarks, the Vice-President expressed satisfaction with the Ministry’s reforms and initiatives aimed at supporting entrepreneurs nationwide. He encouraged the MSME Ministry to continue prioritizing skill development, rural entrepreneurship, and stronger industrial infrastructure.
He added that the sector’s vast, untapped potential must be harnessed through modern training facilities, digital tools, and region-specific interventions especially in economically weaker districts. With the right support, MSMEs can play an even greater role in India’s economic transformation, he said.
