CURRENT AFFAIRS

Detailed explanation-1: -It is imperative to highlight that MSMEs are the backbone of the Indian economy contributing nearly 30% of GDP. Andhra Pradesh accounting 25 lakh MSME enterprise employed about 70 lakh in the state contributes 40% of exports across various sectors.

Detailed explanation-2: -As per data from the Ministry of Micro, Small & Medium Enterprises, as of November 25 2022, the Udyam Registration portal registered 12, 201, 448 MSMEs, replacing the former process of filing for a Udyog Aadhaar Memorandum (UAM).

Detailed explanation-3: -India has a large 7.9 million registered Micro, Small and Medium Enterprises (MSMEs) base. The MSME Industry segment contributes 33% of the Country’s GDP and generates over 120 million jobs across industries and regions in the country contributing towards wealth creation at the grassroot level.

Detailed explanation-4: -MSMEs can avail discounts on interest rates on overdraft facilities from banks as well as under the Credit Guarantee Trust Fund Scheme. Schemes for assistance in setting up business incubators, start-up promotion programmes, networks of technology centres, mentoring and facilitation for fundraising, etc.