New Delhi, April 2 -- India's micro, small, and medium enterprises (MSMEs) are witnessing a significant surge in credit availability, with lending to the sector more than tripling in the past decade, State Bank of India (SBI) Research said in a report on Wednesday.

The PMMY: A Decade of Audacious Dreams: Bolder, Bigger and Indeed Beautiful report underscores the pivotal role of MSMEs-along with agriculture and allied activities-as key drivers of economic expansion.

"The renewed emphasis on building blocks of production, chiefly MSMEs (apart from agri/allied activities) as twin growth enablers has seen credit off-take to MSMEs more than trebling to Rs.27.25 trillion in FY24, from Rs. Rs.8.5 trillion in FY14 (and estimated to hover around...