Outlook Planet C3: Govt Targets 9 Cr MSMEs Under UDYAM by 2029, Says MSME Ministry's Mercy Epao

Outlook Planet C3: As India continues its trajectory to attain the 'developed nation' tag by 2047, the government is increasing its focus on the formalisation of micro, small and medium enterprises (MSMEs) sector. As of data, there are currently 6 crore registered MSMEs, which make up about 30% of the country’s GDP.

The centre is aiming to bring more MSMEs under the formalised ambit by encouraging registrations under the UDYAM portal. "We know that a full lot are still outside of the formalisation and we are working very hard to bring all the nonformal MSMEs under our formal umbrella so that they can access the schemes that we run and also make them, eligible for the alliance.....it is our vision to see that, by 2029, we bring at least 9 crore, MSMEs under our UDYAM registration," said Mercy Epao, Joint Secretary, Ministry of MSME, GOI.

The Centre is working to improve credit and finance access for MSMEs. Speaking at the first edition of Outlook's sustainability event, C3: Climate Circularity Community, Epao highlighted the need for small industries to upgrade their technology, especially as sustainability demands greater reliance on green energy.

"We work on access to credit and finance. It’s very important because, for MSMEs to upgrade their technology—especially today, when we’re talking about sustainability, green energy, and taking care of the environment—they require money. We have several schemes that provide credit and finance," she said.

Given the growing need for market access, MSMEs must expand beyond domestic boundaries and tap into international markets. This is especially important as the current environment becomes more favorable for them. With consumers willing to pay a premium for businesses that adopt sustainable practices and integrate ESG (Environmental, Social, and Governance) principles, ensuring global market access can enhance their growth and competitiveness.

"People are willing to pay more for MSMEs that practice sustainability and integrate ESG into their processes. We are helping our MSMEs comply with regulations, not just for the domestic market but also for international markets through various platforms. Additionally, we are equipping and enabling them, building their capacities so that we can double our exports as well," Epao added.