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MSMEs: Juggling to survive the year, small businesses fret over lack of profitability

Synopsis
The year 2020 brought distress and damage aplenty for the MSME sector. Can the next year herald a new beginning for them?
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Will 2021 herald a new beginning for a sector dubbed as the ‘growth engine’ of the economy?
The year gone by may well have been the worst nightmare that came true for the MSME sector. Already reeling under the impact of delayed payments and slowdown in demand in 2019, the sector had long been facing its share of turmoil.
But absolutely nothing could have prepared it for the eventuality that was to follow. The coming of the virus and the resultant lockdowns that were announced was the final blow for a sector, often referred to as the ‘backbone’ of the Indian economy. And for a good reason. India is home to over 60 million MSMEs, accounting for 30% of India’s GDP and 40% of the overall exports in the country. ....

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10 Indian brands that turned challenges into opportunities by pivoting at the face of the COVID-19 pandemic

10 Indian brands that turned challenges into opportunities by pivoting at the face of the COVID-19 pandemic
To overcome the economic challenges posed by the COVID-19 pandemic in 2020, these 10 Indian brands pivoted their business models to survive and succeed during the unprecedented times.
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When the going gets tough, the tough get going.
The year 2020 has been an odd year for businesses. However, the COVID-19 pandemic, a nationwide lockdown, and social distancing measures did not diminish the confidence in entrepreneurs to think out of the box.
Moreover, India’s digital progression was accelerated during the pandemic. According to a Morgan Stanley report, by 2027, India s 670 million internet users will rise to 914 million. ....

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