The Micro, Small and Medium Enterprises (MSMEs) form the cornerstone of the Indian economy. Not only do they employ a large chunk of the country’s non-agricultural workforce but they are also instrumental to India’s vision of becoming a global manufacturing powerhouse.
However, the absence of adequate and timely banking and finance, limited capital and knowledge of gaining credit through formal sources, and non-availability of suitable technology are among a clutch of challenges that have hampered their growth, lowering production levels. The impact of COVID-19 and the ensuing lockdown and restrictions have only exacerbated the situation.
However, the absence of adequate and timely banking and finance, limited capital and knowledge of gaining credit through formal sources, and non-availability of suitable technology are among a clutch of challenges that have hampered their growth, lowering production levels. The impact of COVID-19 and the ensuing lockdown and restrictions have only exacerbated the situation.
