In a significant stride towards bolstering the Micro, Small, and Medium Enterprises (MSME) sector, the Ministry of MSME conducted a comprehensive review for the year 2023, unveiling key initiatives. Prime Minister Narendra Modi launched 'PM Vishwakarma,' a transformative initiative focused on enhancing the quality and expanding the outreach of products and services crafted by artisans.

The Udyam registration witnessed a substantial acceleration, soaring from 1.31 crore to 2.19 crore, with an impressive 88.89 lakh registrations in 2023. Collaborating with the Small Industries Development Bank of India (SIDBI), the Ministry introduced the Udyam Assist Platform (UAP) to formalize Informal Micro Enterprises (IMEs), attracting 1.11 crore IMEs by the end of December 2023. Moreover, the Ministry's Technology Centres made noteworthy contributions to the 'Chandrayaan-3' and 'Aditya L1' Missions. The CHAMPIONS Portal successfully addressed 99.48% of the 76,205 grievances received, reflecting the Ministry's commitment to fostering a robust MSME ecosystem.

The Micro, Small, and Medium Enterprises (MSME) sector, comprising over 6.30 crore enterprises, stands as a dynamic force in the Indian economy, playing a pivotal role in fostering entrepreneurship and providing self-employment opportunities at a relatively lower capital cost, second only to agriculture. The Government of India, through the Ministry of MSME, actively supports the growth and development of this sector, encompassing Khadi, Village, and Coir industries. The Ministry implements a range of schemes and programs aimed at providing credit support, technological assistance, infrastructure development, skill enhancement, and market assistance. Key organizations under the Ministry's purview include the Office of Development Commissioner (MSME), Khadi and Village Industries Commission (KVIC), Coir Board, National Small Industries Corporation Ltd. (NSIC), National Institute for Micro, Small and Medium Enterprises (NI-MSME), and Mahatma Gandhi Institute for Rural Industrialization (MGIRI). To ensure comprehensive support, the Ministry has established an extensive network of field formations, including MSME Development and Facilitation Offices, MSME Testing Centres, and Technology Centres, spanning across the nation, reinforcing its commitment to nurturing and empowering MSMEs.