Govt Aims Rs 5-Trn Credit Gurantees To MSMEs

New Delhi: The number of registered micro, small and medium enterprises (MSMEs) increased from 1.65 crore to 5 crore in the last one year, the government informed on Tuesday, thus bridging a large gap in formalisation of MSMEs.

According to Dr Rajneesh, additional secretary and development commissioner, Ministry of MSME, several MSMEs needed to register with the government, and it was estimated that there were around 6.5-7 crore MSMEs in the economy and only 1.65 crore MSMEs were registered till last year with the government.

“The government started concerted drive jointly with state governments and industry associations. As on date, the total number of registered MSMEs with the ministry in more than 1 year has increased from 1.65 crore to 5 crore bridging the large formalisation gap,” he said during the ‘FICCI CMSME National Conference

2024’ here.

Dr Rajneesh also said that government has bridged the credit gap for MSMEs in last few years.

The ‘Credit Guarantee Trust for Micro and Small Enterprises’ (CGTMSE) is a body which is providing credit guarantees for MSMEs and helps in collateral free loans for

MSMEs.