SMEs are acclaimed to be the backbone of the Indian economy. They are crucial to achieving the nation’s dream of a $5 trillion economy by 2025. But, the sudden outbreak of Covid-19 and the prolonged lockdown has brought about a very distressing time for small and medium enterprises in India and across the world.
On May 14th, 2020, the Government of India announced a Rs 20 lakh crore stimulus package, which includes 6 relief measures to bring India’s vast MSME sector back to life. Banks and NBFCs are also willing to offer up to 20% of the entire outstanding credit to MSMEs. However, the root cause of disruption in small & medium enterprises, which relies heavily on personal communication will remain unresolved unless the sector readily opts technology to drive their business amidst social distancing and staggered workforce.