Based on the latest information from the ministry of statistics and programme implementation and the Directorate General of Commercial Intelligence and Statistics (DGCIS), the Micro, Small, and Medium Enterprises (MSME) sector in India has continued to demonstrate resilience and growth, said Bhanu Pratap Singh Verma, minister of state for micro, small, and medium enterprises.

In a written reply in the Rajya Sabha, the minister said, according to the data presented by the Ministry of Statistics & Programme Implementation, the share of MSME Gross Value Added (GVA) in India’s Gross Domestic Product (GDP) displayed a fluctuating trend over the last three years. In the fiscal year 2019-20, the share stood at 30.5%, which slightly declined to 27.2% in 2020-21 but rebounded to 29.2% in 2021-22. Similarly, the share of MSME manufacturing output in the overall Indian manufacturing output remained relatively stable, accounting for 36.6%, 36.9%, and 36.2% during the fiscal years 2019-20, 2020-21, and 2021-22, respectively.

MSME-specified product exports followed a similar pattern. According to data from the Directorate General of Commercial Intelligence and Statistics, the share of MSME products in India's total exports has decreased over the last three years. MSME products accounted for 49.4% of India's exports in fiscal year 2020-21, dropping to 45.0% in 2021-22 and 43.6% in 2022-23.

The Ministry of Micro, Small, and Medium Enterprises has been implementing various schemes and programmes to promote the growth and development of the MSME sector. Credit support, new enterprise development, formalisation, technological assistance, infrastructure development, skill development and training, and market assistance to MSMEs are all part of these initiatives.