The financial year 2023-24 was unprecedented for Micro and Small Enterprises (MSEs). Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has provided a committed amount of Rs 1.50 lakh crore to MSE units in this financial year.

This is an exceptional breakthrough in the field of providing finance to MSE units. This is a record increase of 50% compared to last year. The program has achieved unmatched success by providing loans to MSE units without any collateral.

With the increase of this facility, the economy will grow rapidly. The development of Micro and Small Enterprises will also accelerate with the success of these schemes. The success of MSEs units is very important for the country's economy because these units provide maximum employment to the country after agriculture. Micro, Small, and Medium Enterprises across India accounted for nearly 27 percent of India's gross domestic product (GDP).

CGTMSE scheme is a joint initiative of SIDBI and MSME Ministry and their efforts are shaping the future of micro and small enterprises.