SMEs are the backbone of the Indian economy, contributing approximately 30% of the country’s GDP (Gross Domestic Product), 45% of manufacturing output and providing employment to 11 crores of India’s population. The Government of India has been proactive to ensure that all the benefit of these SME schemes reaches to the SMEs in time. The Union Budget 2023-24 focuses on ease of doing business for SMEs.
Union Ministry of Commerce and Industry, Consumer Affairs, Foods & Public Distribution and Textiles