Speaking at the North-East MSME Conclave in Guwahati, MSME Minister Narayan Rane stated that development of the North East region of India is vital for the overall development and progress of the country. He said that it is the topmost priority of the Ministry of MSME to develop this area. Accordingly, in FY21, the government has set aside a sum of Rs 566.42 crores for the various programmes under the auspices of the MSME ministry for the region. So far, 2,437 new units under the Prime Minister Employment Generation Programme (PMEGP) have been assisted with a margin money subsidy of Rs 62.71 crore in Northeast states during FY21.
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The minister also opined that given the impact of MSMEs on India’s economy, it is imperative that push is given to promote entrepreneurship amongst the youth and allow them to play an integral role in development of Indian economy to realise the dream of US$ 5 trillion economy. “The correlation between the Indian economy and the MSME sector’s performance has never been more aligned. This would continue to grow even closer in the upcoming years,” the ministry stated.
He pointed out that the MSME sector consists of over 6 crore units employing over 11 crore people and is a seminal contributor to the economic growth with over 30% of contribution to GDP and more than 49% of overall exports from India. As of November 18, 2021, the number of Udyam registered MSMEs across the North East region were: 1,963 in Arunachal Pradesh; 59,155 in Assam; 1,647 in Meghalaya; 2,466 in Mizoram; 2,340 MSMEs were in Nagaland, 1,158 were in Sikkim, and 5,337 in Tripura.
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