Exports from Micro, Small, and Medium Enterprises (MSMEs) are on the upswing after a three-year decline. According to official data shared in the Lok Sabha by Minister of State for Micro, Small and Medium Enterprises (MOS) Shobha Karandlaje, it accounted for India’s total exports in 2023-24.

According to the data, the share had come down from 49.73 per cent in FY20 to 49.35 per cent in FY21, 45.03 per cent in FY22 and 43.59 per cent in FY23. However, in FY24, the share of MSMEs in total exports increased to 45.79%.

As of November 24, 3.11 crore MSMEs are registered on the Enterprise Registration Portal (URP). Udyam registration helps MSMEs to avail the benefits of the schemes of the Ministry. Registered MSMEs are also eligible for priority sector loans from banks. The minister said that in order to increase exports, the government has taken several measures such as providing financial assistance to MSMEs to participate in international trade fairs and exhibitions through the international cooperation scheme of the ministry.

Secondly, the Ministry’s Export Credit Guarantee Scheme (ECGS) ensures easy availability of credit to exporters and reduces risks associated with exports. Additionally, the scheme for equalization of interest on pre- and post-shipment of export credit has also been extended to MSMEs till December 31, with a total allocation of Rs.12.88 crore. Support is also being provided through several schemes to promote exports, namely Trade Infrastructure for Exports Scheme (TIES) and Market Access Initiatives (MAI) scheme. State and central levies and tax exemption schemes have also been implemented to promote textile sector goods.