West Bengal tops India in MSME growth, secures fresh funds - GetBengal story

Small, micro, and medium enterprises (MSMEs) play a key role in boosting employment and strengthening the state’s economy. That’s why the Government of West Bengal has always taken proactive steps to support and speed up the growth of MSMEs.

Over the past few years, the government has introduced several initiatives to encourage people across the state to invest in small and medium-scale industries. To further develop the infrastructure for small industries, the state had earlier signed a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI). SIDBI works closely with states to promote small-scale industrial growth.

Now, under the SIDBI Cluster Development Fund, fresh funding has been allocated to improve infrastructure and support small industries in West Bengal.

Today, West Bengal ranks first in the country in small industry development. The state is home to nearly 1 crore (10 million) small industry units. To boost the quality of production, the state is forming industrial clusters across different sectors, especially in handicrafts, and equipping them with modern technology.

For the financial year 2024–2025, the state’s Finance Department has released the first instalment, which is 25% of the total yearly allocation. This fund will mainly be used for purchasing land, and machinery, and improving infrastructure in various regions.

Each cluster will support over 100 people connected to a specific industry, offering them access to better technology and improved marketing training. This is expected to give a strong push to production and economic activity.

Notably, according to official data, 90 lakh (9 million) new MSMEs were established across West Bengal last year, creating over 1.4 crore (14 million) jobs. Among them, West Bengal ranks highest in India in terms of the number of women entrepreneurs.