The government’s Udyam and Udyam Assist platforms have expedited the formalisation of unregistered enterprises, integrating over 7.9 crore MSMEs and informal micro enterprises into the formal economy. Policy measures targeting enhanced access to credit, legal protections, and improved business operations are underway. Digital platforms like GeM, TReDS, and SAMADHAAN are facilitating market access and prompt payments, bolstering the MSME ecosystem.
Efforts are underway to advance inclusive growth in rural and semi-urban India through these initiatives. Notably, over 30 lakh artisans have enrolled in the PM Vishwakarma Scheme, with more than 26.7 lakh beneficiaries completing skill verification and over 23.7 lakh undergoing basic training. Additionally, nearly 5.9 lakh loans totaling almost Rs 5,050 crore have been sanctioned, with over 25.8 lakh e-vouchers issued to support toolkit incentives and enterprise development.
To ensure capital availability, the government has introduced measures such as the Rs 10,000 crore SME Growth Fund and additional allocations to the Self-Reliant India (SRI) Fund in the Union Budget 2026-27. The Credit Guarantee Scheme (CGS) under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has been implemented by the MSME ministry, with the guarantee coverage limit raised from Rs 5 crore to Rs 10 crore for banks in the Union Budget 2025-26.
Moving forward, seamless coordination among digital platforms, financial institutions, and grassroots implementation agencies is vital to extend benefits to last-mile entrepreneurs, artisans, rural traders, and first-generation micro enterprise owners. The MSME sector, contributing significantly to India’s GDP, exports, and manufacturing output, sustains over 32.8 crore livelihoods and remains a key employment source after agriculture.
