MSMEs in India to Reach 9 Crore by 2029

New Delhi, Mar 26 (PTI) The registered MSMEs (micro, small and medium enterprises) in the country are expected to touch 9 crore mark by 2026, a senior government official said on Wednesday.

More than 6 crore MSMEs are currently registered under Udyam and Udyam Assist (UA) portals, Joint Secretary in the Ministry of Micro, Small and Medium Enterprises Mercy Epao said at the Assocham event here.

"We are trying to formalize all the MSMEs in the country and hopefully by 2029 we will reach 9 crore," Assocham said in a statement quoting Epao.

The sector contributes more than 30 per cent of GDP, 36 per cent of manufacturing output and more than 45 per cent of exports.

She said that bank credit to these entities has been growing faster than credit dispersal to large enterprises.