Gandhinagar: A total of 629,103 new MSME (Micro, Small, and Medium Enterprises) units have been registered in Gujarat in the financial year 2023-24, stated the Gujarat Government’s Spokesperson Minister Rushikesh Patel.

Addressing the media after the weekly cabinet meeting chaired by Chief Minister Bhupendrabhai Patel in the state capital, Rushikesh Patel said, “The MSME sector in the state has seen substantial growth in recent times, with more people joining these industries. 629,103 new MSME units have been registered in Gujarat in the financial year 2023-24.”

“As of 25/07/2024, there are 1,963,050 MSME units registered in Gujarat, which include 1,873,029 micro, 81,573 small, and 8,448 medium enterprises,” he added.

The Minister further stated, “Gujarat ranks at the forefront in ‘Ease of Doing Business,’ contributing to the registration of such a large number of MSME industries in the state.

“Additionally, the single-window clearance system on the IFP portal allows various departments to provide quick approvals from one location. The Atmanirbhar Gujarat Scheme offers assistance to MSMEs through various industrial policies, providing benefits such as interest subsidies, capital subsidies, and CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) subsidies (guarantee-free loans). The good law and order situation, easy land regulations, efficient approval processes through the single-window clearance system, along with the availability of robust infrastructure like CTEP, GIDC, roads, and ports, are factors contributing to the large number of registrations,” he added.

The Minister also stated that in the last four years, out of the 1,963,050 registered MSME units, only 4,861 units have been canceled, which is merely 0.24% of the registered units.

“Duplication of registration often leads to the cancellation of older companies to obtain new registrations. Changes in ownership or structure, such as transitioning from a proprietorship to a partnership firm or from a partnership firm to a private limited company, as well as the conversion of MSME units to large units, also result in the cancellation of old companies,” said the Minister. DeshGujarat