Reviving the MSME sector

08 JUN,2020 | MEDC


 

A quick revival of the MSME sector is now imperative if Indian industry is to emerge from the post-lockdown stagnation. In this context, the reclassification of MSMEs is a step in the right direction, as it will incentivize many small scale units to pursue a much-needed growth mindset, and explore innovative business strategies to boost their profit margins. MSMEs continue to remain a growth engine of the industrial economy of the nation, and they need to be aggressively promoted as such. Easy access to finance for MSMEs is a key factor determining their ability and willingness to engage in some necessary technological upgradation. Even though some important announcements to that effect have been recently made by the Finance Minister, it is their ground level implementation that will ultimately make all the difference. The pain facing MSMEs is not going away anytime soon, but it will have to be alleviated in a planned manner. That is the acid test of the efficacy of the policy announcements.

*Photo Credit: Google

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