India's MSMEs forecast to boost GDP contribution from 30% to 40% by 2027, driven by UDYAM portal's formalization efforts.

A report by U Grow forecasts that India's Micro, Small, and Medium Enterprises (MSMEs) will boost their GDP contribution from 30% to 40% by 2027, driven by the UDYAM portal's formalization efforts. This initiative enhances access to government support and market opportunities. Women-led MSMEs are increasingly significant, generating one in five jobs. The Indian government is committed to MSME growth through a comprehensive package in the 2024-25 Union Budget, focusing on manufacturing and technology adoption.

September 26, 2024
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