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Udyami Bharat, a web portal that the central government is said to be working on will enable entrepreneurs of micro, small and medium enterprises (MSMEs) to access details of all schemes related to the sector run by different ministries.
According to a media report, the MSME ministry is planning to create a new portal for entrepreneurs with an investment of Rs 130 crore. The Ministry of Agriculture also launched a web portal last month for faster bank settlements of interest subsidy claims under the Agriculture Infrastructure Fund (AIF).
More than 30 million MSMEs were registered in the country in December 2023 according to government data, and services constituted the largest segment of the sector. An enterprise is classified as an MSME when for the investment in plant and machinery or equipment does not exceed Rs 1 crore, 10 crore, 50 crore and turnover does not surpass Rs 5 crore, 50 crore, and 250 crore respectively for a micro-enterprise, small enterprise and medium enterprise.
Notably, MSMEs play a big role in creating job opportunities in India, contributing around 29 per cent to the country’s gross value added and approximately 45 per cent to its exports.
