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LATEST NEWS UPDATES | MSMEs -- re-defined for growth -Surbhi Jain and Sonali Chowdhry

MSMEs -- re-defined for growth -Surbhi Jain and Sonali Chowdhry

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published Published on Oct 12, 2020   modified Modified on Oct 13, 2020

-The Hindu Business Line

The expanded ambit now allows a larger pool of enterprises to get the benefits of the MSME Act and pandemic-induced reforms

Micro, small and medium enterprises (MSMEs) are amongst the strongest drivers of the economy with a vast network of about six crore enterprises, contributing about 45 per cent to manufacturing output, 50 per cent to exports, around 30 per cent to GDP, and creating employment for about 11 crore — second only to agriculture. This sector mirrors the diversity in the economy in terms of the size of these enterprises, the variety of products and services, and the levels of tech employed.

MSMEs have been inordinately affected by the Covid-induced lockdown, transport disruptions, severance of supply chains, social distancing measures owing to their dominant presence in economic sectors like retail, trading and services. This disruptive effect has been compounded due to their limited financial resources and borrowing capacity. The government has introduced a slew of legislative, regulatory and financial measures to support the MSME sector amidst this unprecedented crisis unleashed by the pandemic.

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The Hindu Business Line, 12 October, 2020, https://www.thehindubusinessline.com/opinion/msmes-re-defined-for-growth/article32836850.ece?homepage=true#


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