He said it was estimated that there were around 6.5-7 crore MSMEs in Indian economy and only 1.63 crore MSMEs were registered till last year with the government.
"The government started concerted drive jointly with state governments and industry associations. As on date, the total number of registered MSMEs with the ministry in more than 1 year has increased from 1.65 crore to 5 crore bridging the large formalisation gap," he noted.
Dr Rajneesh also said that government has bridged the credit gap for MSMEs in last few years. He stated that it is not just about the quantum of credit or funds which are available, but it is also a question of the cost of credit.
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