Dikhyaa Mohanty 
According to an official year-end evaluation released on Wednesday, the government has successfully formalized 5.70 crore MSMEs during 2024 and registered over 24.77 lakh applications from rural artisans, including carpenters, porters, and masons, for benefits under the PM Vishwakarma scheme. According to the evaluation, up to 15.05 lakh beneficiaries have finished the program’s basic skill training, and 2.54 lakh beneficiaries have received financial support totaling Rs 2,197.72 crore in the form of loans without collateral and at a discounted interest rate.
Up to 6.58 lakh beneficiaries have access to digital technology, and marketing assistance was provided through 75 trade shows and exhibitions held nationwide during the year to highlight craftspeople and their abilities. In September, the Prime Minister himself visited a national event in Wardha, Maharashtra, to celebrate the Scheme’s successful one-year completion. The government has placed a lot of emphasis on formalizing businesses, which is crucial for giving MSME businesses a sense of identity and making doing business easier.
According to the study, as of December 26, 2024, there were 5.70 crore MSMEs registered on the Udyam Registration Portal and Udyam Assist Platform (UAP), employing 24.14 crore people. Special registration efforts have been encouraged nationwide by the Ministry of MSME through its Development and Facilitation Offices (DFOs), in collaboration with state governments and other partners. The rapid increase in the number of registered businesses is proof that this initiative has produced noteworthy outcomes. One of the Ministry of MSME’s major programs for lending money to micro and small businesses without the need for collateral is the Credit Guarantee Scheme for Micro and Small Businesses.
In 2023, this scheme had a redesign, increasing the threshold level for the waiver of legal action, lowering the annual guarantee fees, and raising the ceiling limit of guarantee coverage from Rs 2 crore to Rs 5 crore. Up to 19.90 lakh guarantees of Rs 2.44 lakh crore have been approved between January 1st and December 30th, 2024. Additionally, on February 14, 2024, a Special Scheme for Micro Enterprises—which are exempt from the GST regime and registered on the Udyam Assist Platform—was introduced. Under this scheme, loans up to Rs 20 lakh are given to informal micro enterprises with 85% guarantee coverage and no primary security.
