MSMEs in post-COVID Scenario
The global pandemic has taught us one thing β every sector, every business is vulnerable and that no one is indispensable. One of the hardest hit sectors is undoubtedly the Micro Small and Medium Enterprises (MSMEs). MSMEs have been the greatest drivers of the Indian economy.
In 2019, it contributed to around 29 % of the total gross domestic product (GDP). COVID-19 changed the game and shoved MSMEs into uncharted waters and debt cycles. With the pandemic cases coming down drastically and the markets being fully opened, the MSME sector is striving to make a comeback and the picture looks bright at the moment. Also, thanks to the government for taking the right steps to lift the sector through its Rs. 3 lakh package as credit guarantee to financial institutions. Yet, a lot needs to be done for MSMEs that have their presence in rural as well as urban areas. Read more
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