Section 43B (h) – Kahin Khushi Kahin Gham

Micro, Small and Medium Enterprises (MSME) are the backbone of the Indian economy. The share of MSME Gross Value Added (GVA) in the all-India Gross Domestic Product (GDP) during the years 2019–20, 2020–21 and 2021–22 was 30.5 per cent, 27.2 per cent and 29.2 per cent, respectively. The share of MSME manufacturing output in all India Manufacturing output during the years 2019–20, 2020–21 and 2021–22 was 36.6 per cent, 36.9 per cent and 36.2 per cent, respectively. The share of export of MSME-specified products in all India exports during the years 2020–21, 2021–22 and 2022–23 was 49.4 per cent, 45.0 per cent and 43.6 per cent respectively.¹ As of 2^nd August, 2023, the total number of persons employed by MSMEs was over 123.6 million people.

1      https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1946375

This shows the importance of the MSME sector in the development of the Indian economy. The government is aware of these facts and hence, has offered a slew of incentives and launched several schemes to help, protect and promote the interests of MSMEs. The schemes / programmes inter alia include the Prime Minister’s Employment Generation Programme (PMEGP), the Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE), the Micro and Small Enterprises-Cluster Development