Databank for MSMEs

25 JUL,2021 | MEDC


 

The government is working towards developing a robust databank for MSMEs, by integrating information across various ministries and departments. This is a welcome step, considering that data is the new oil. The MSME sector has been badly hit by the pandemic, and a lack of dependable data on it has been one of the key issues hampering its rejuvenation. Hopefully, the creation of such a databank will help end (or minimize) asymmetric information, which is impeding the sustained growth of MSMEs. We urgently need to bring more MSMEs into the formal sector, and developing a reliable databank will go far towards facilitating that shift. Many Indian MSMEs have been deprived of official benefits for far too long, and moving them into the economic mainstream is now necessary.

*Photo Credit: Google

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