By TIOL News Service

NEW DELHI, JULY 22, 2024: THE Economic Survey tabled by the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman in Parliament today, highlights the importance of the MSME sector in the Indian economy with an all-India manufacturing output of 35.4 percent.

According to the survey, Gross Value Added (GVA) per worker increased from Rs.1,38,207 to Rs.1,41,769 and Gross Value of Output (GVO) per establishment increased from Rs.3,98,304 to Rs.4,63,389 showing  increased productivity and labour efficiency. The Survey highlights the success of the Udyam Registration portal that has received 4.69 Crore registrations as of 05 July 2024, playing an instrumental role in formalizing MSMEs by providing a simple, online, and free registration process based on self-declaration. The Survey notes that there has been significant growth between FY20 to FY24 in the amount and number of guarantees for MSMEs with Union Budget 2023-24 allocating Rs.9,000 Crore to the Credit Guarantee Fund Trust, aiming to enable an additional Rs.2 Lakh Crore in credit with reduced costs.

According to Survey, keeping in view India's vision of becoming 'Aatmanirbhar', Production Linked Incentive (PLI) Schemes for 14 key sectors were announced with an outlay of Rs.1.97 Lakh Crore to enhance India's manufacturing capabilities and exports. Further survey states that over Rs.1.28 Lakh Crore of investment was reported until May 2024, which has led to production/sales of Rs.10.8 Lakh Crore and employment generation (direct & indirect) of over 8.5 Lakh. Survey states export boosted by Rs.4 Lakh Crore, with significant contributions from sectors such as large-scale electronics manufacturing, pharmaceuticals, food processing, and telecom & networking products.

Survey highlights, to give an impetus to the One District One Product (ODOP) initiative, the Union Budget of FY24 announced that states would be encouraged to set up a "Unity Mall" in their capitals or most prominent tourism centre or the financial capital for the promotion and sale of their ODOPs. Survey also states that "PM-Ekta Malls" aims to link the artisans of ODOP and consumers. Survey  states that these malls are creating a vibrant marketplace for the nation's unique products, aiming at both domestic and foreign markets. In addition to this survey 'ODOP Sampark' workshops were conducted in 15 States to facilitate collaboration between the Centre and local sellers and revive indigenous industries. According to the survey, ODOP showcased India to the world at the G20 events organised across the country during India's G20 Presidency, where the artisans, sellers and weavers got visibility on the global stage.