The key to growing India’s economy lies in the growth of micro, small, and medium enterprises (MSMEs). To add some perspective sector, in a paper dealing with investments in the sector, NITI Aayog -- the government’s policy think tank, explained that MSMEs, directly and indirectly, create about 70 million jobs, account for 45% of India’s manufacturing output, and 40% of exports. The sector also accounts for around 30% of the country’s GDP.
The government is well aware of the contribution and potential of MSMEs, and over the years, it has extended packages aimed at boosting growth and deepening the market. In fact, in Budget 2019, the Finance Minister reiterated the government’s commitment to providing stimulus to the MSMEs and made the highest ever allocation of Rs 7011.29 crore to its Ministry. But then came the black swan event that derailed all plans for this or any other sector -- the coronavirus pandemic.
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