The share of Micro, Small and Medium Enterprises in the country's Gross Value Added (GVA) has increased from ___ in 2020-21 to ___ in 2022-23.
- A30.3%, 35.6%
- B27.3%, 30.1%
- C35.1%, 38.2%
- DMore than one of the above
Show answer and explanation
Correct answer: (b) 27.3%, 30.1%
Explanation
The share of MSMEs in India's total Gross Value Added (GVA) fell during the pandemic year and then recovered: 27.3% in 2020-21, about 29.6% in 2021-22 and 30.1% in 2022-23.
MSMEs also account for over a third of manufacturing output and around 45% of India's exports, which is why the Union Budget 2025-26 raised their investment and turnover limits.