Number of Registered MSMEs about to reach 9 Crore by 2029, Says Official:

Number of Registered MSMEs about to reach 9 Crore by 2029, Says Official

The total number of registered MSMEs (micro, small and medium enterprises) in the country is anticipated to reach 9 crore by 2029, said a senior government official on March 26, 2025, Wednesday. At the Assocham event, it was said that over 6 crore MSMEs are currently registered on the Udyam and Udyam Assist (UA) portals, according to Mercy Epao, Joint Secretary in the Ministry of Micro, Small, and Medium Enterprises. The Joint Secretary said in a statement, "We are trying to formalise all the MSMEs in the country and hopefully, by 2029, we will reach 9 crore." More than 45% of exports, 36% of manufacturing output, and 30% of GDP are all attributed to this industry. According to her, bank credit to these organisations has been expanding more quickly than loans to big businesses. A meeting was organised by the Chief Secretary, Shalini Rajneesh, on March 21, 2025. The main motive of the meeting is to "simplify the regulatory regime" to benefit MSMEs (micro, small and medium enterprises). The meeting was focused on the topics of rationalising procedures and processes across numerous areas, in addition to change of land use, building plan approval, construction permits, labour reforms, utilities and permissions, and decriminalisation of minor procedural offences. The government has also made important changes to the turnover and investment rules for classifying micro, small, and medium enterprises. These changes will be implemented from April 1, 2025. As per the newly released guidelines, the enterprise with a maximum investment of Rs.2.5 crore will be classified under the category of microenterprise. The turnover limit for microenterprises has been increased from 5 crore to 10 crore. The enterprise with a maximum investment of Rs.25 crore will be classified under the category of small enterprise. The turnover limit for small enterprises has been increased from 50 crore to 100 crore.