Capital Market News MSMEs are among the most important pillars of the Indian economy and the government is working to make MSME sector stronger and more developed, going forward. We will also work to ensure that interrelationship between the MSME sector and other important pillars of the Indian economy are further strengthened as India grows. There are 6.3 crore MSMEs in the country which are providing 11 crore jobs. MSMEs contribute around 30 per cent to our GDP and have a share of 50 per cent of the income generated from total exports. The government is taking continuous steps to strengthen Indian MSMEs and the PMEGP (Prime Minister's Employment Generation Program), launched last financial year, was a step in this direction. Under this scheme in the year 2021-22, a total of 1.03 new units have been set up in the manufacturing and services sector. In the last 14 years, this is first time that new unit's number has crossed 1 lakh mark and since inception in 2008, the program has generated around 8.25 new jobs.