India poised to become world’s third largest economy by FY29 : Micro, Small, Medium Enterprises Union Minister Jitan Ram Manjhi

Mumbai – Micro, Small, Medium Enterprises Union Minister Jitan Ram Manjhi has said that micro, small and medium enterprises, including agriculture sector, will play a significant role in making India the third economy in the world by 2029. He was speaking at a press conference held at Sahyadri Guest House on July 4.

India Set to Become World's 3rd-Largest Economy by 2029: MSME Minister @jitanrmanjhi

Union MSME Minister Jitan Ram Manjhi says MSMEs and agriculture will play a key role in India’s rise.
🔹 MSMEs contribute 30.1% to GDP, 35.4% to manufacturing, 45.73% to exports
🔹 34 crore… pic.twitter.com/H3SmpOGcnC

— Sanatan Prabhat (@SanatanPrabhat) July 5, 2025

He further said,

Micro, Small, Medium Enterprises Union Minister Jitan Ram Manjhi

1. India is the fourth most developed economy in the world. Micro, Small and Medium Enterprises (MSMEs) contribute 30.1 percent, the manufacturing sector 35.4 percent, export of goods 45.73 percent to India’s gross domestic product (GDP).

2. A business worth Rs 1.70 crore has been generated by promoting and selling in rural areas through khadi village industries.

3. So far, 34 crore unemployed people have been given employment in the country. This has fulfilled Prime Minister Narendra Modi’s dream of providing employment to 22 crore unemployed people.

4. Pradhan Mantri Vishwakarma Yojana helps small business owners. They are trained and first given assistance of Rs 15,000 for setting up industries. Depending on the nature, standard and quality of their work, assistance ranges from Rs 1 lakh to Rs 4 lakh. So far, 80.33 lakh jobs have been created under the Pradhan Mantri Rozgar Guarantee Scheme. Of these, 80 per centare employed in rural areas and 20 per cent in urban areas.