World MSME Day 2021: Putting MSMEs at the heart of inclusive and sustainable recovery
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World MSME Day 2021: Putting MSMEs at the heart of inclusive and sustainable recoveryBy René Van Berkel, ET CONTRIBUTORS
Last Updated: Jun 28, 2021, 11:07 AM IST
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Synopsis Across the board, services sectors appeared more severely impacted than manufacturing, particular in the hospitality, travel and related sectors.
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MSMEs are indispensable for manufacturing in India. Without MSMEs, manufacturing and its jobs and exports would come to a stand-still.
The United Nations commemorates 27th June as World Micro, Small and Medium Enterprises (MSMEs) Day. MSMEs continue to be heavily impacted by the COVID-19 pandemic. Some firms have been able to do well by stepping up to supply pandemic response goods, including Personal Protective Equipment, pharmaceuticals and lower cost medical devices, and services, particularly digital services. Most firms have been able to cushion the a
Synopsis
India s manufacturing is roughly equal to the combined manufacturing of Indonesia, Thailand, Malaysia and Philippines, the principal manufacturing economies in South East Asia, and just over five-fold the combined manufacturing of Bangladesh and Pakistan.
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The onset of COVID-19 pandemic has put the spotlight on workplaces as potential infection hot spots that require substantive change to work together productively in a safe and hygienic manner.
Manufacturing in India particularly in Micro, Small and Medium Enterprises (MSMEs) is often associated with lower productivity, quality, occupational health and safety and environmental performance. The window of opportunity for second best is in constant decline, particularly in current time with uncertain and stagnating markets due to COVID-19 pandemic and the associated economic downturn.