The Micro, Small and Medium Enterprises in India have now become the second-largest employment provider and have played a prominent role in transforming the Indian economy from an agrarian-based economy to an industrialized one. India is a country where MSMEs contribute to one-third of the GDP and close to 65% of the population lives in Villages. The M, which stands for “micro” in the term MSME, dominates over the small and medium industries as almost 99% of MSMEs are micro enterprises. The MSME
For a country with such dependence on small businesses, it becomes even more important to ensure that the credit needs of such businesses are met easily and on an ongoing basis. The negative impact of COVID-19 on the sector has been intense and while the government announced various schemes like ECLGS for the support of MSME, still, there is an enormous gap in the credit supply to MSME.
India now has one of the world’s best payment policies, which was recently applauded by Bill Gates. It is now important to use similar strategies and policies not only for payments but also for lending. If there is one thing, which has increased in the last few years, it is the digital adoption by the businesses. There have been continuous changes in payments and regulatory ecosystem and from measures like GST, UPI to the recent introduction of a 24x7 RTGS payment system, the Indian MSME now hav
India now has one of the world’s best payment policies, which was recently applauded by Bill Gates. It is now important to use similar strategies and policies not only for payments but also for lending. If there is one thing, which has increased in the last few years, it is the digital adoption by the businesses. There have been continuous changes in payments and regulatory ecosystem and from measures like GST, UPI to the recent introduction of a 24x7 RTGS payment system, the Indian MSME now hav
