A recent report by CBRE-CREDAI sheds light on the landscape of micro, small, and medium enterprises (MSMEs) in India, revealing noteworthy trends and state-wise contributions. As of December 2023, the country boasts over 3 crore registered MSMEs, with Maharashtra, Tamil Nadu, and Uttar Pradesh jointly constituting nearly 40% of this vibrant sector.
Maharashtra and Tamil Nadu Lead: Maharashtra and Tamil Nadu emerge as pivotal contributors, collectively representing a significant portion of the registered MSMEs in India.
- Uttar Pradesh’s Rise: Uttar Pradesh secures a notable position among the top three states, holding a 9% share in the national MSME landscape. Policy initiatives, including interest subsidies and stamp duty exemptions, have catalyzed this growth.
Key Clusters in Uttar Pradesh: Cities like Agra, Kanpur, Varanasi, Lucknow, Meerut, and Ghaziabad have witnessed the robust emergence of MSME clusters, actively participating in the Udyam scheme.
Construction Sector Dynamics: The report emphasizes the strategic opportunity for Indian MSMEs in the construction sector, which contributes approximately 8% to the GDP.
Global Growth Prospects: With the construction sector poised to become the third-largest globally in the next three years, unorganized firms in this domain can significantly benefit by registering under the MSME ambit.
- Technological Advancements: Transformative shifts in India’s MSME financing scene are attributed to technological advancements, fostering a more inclusive financing ecosystem.
- Collaborative Partnerships: Collaborative partnerships between digitization, traditional banking systems, and open protocols have broken down barriers, providing broader access to financing for MSMEs.
Important Questions Related to Exams
Which three states collectively contribute nearly 40% of registered MSMEs in India, according to the CBRE-CREDAI report?
- What policy initiatives have contributed to Uttar Pradesh’s significant 9% share in the national MSME landscape, as mentioned in the report?
- Name three cities in Uttar Pradesh highlighted in the report as key clusters actively participating in the Udyam scheme.
According to the report, what sector in India’s MSME landscape is poised to become the third-largest globally in the next three years, and what percentage does it contribute to the GDP?
Please provide your answers in the comment section!!