3 minutes, 59 seconds read
Published on May 17, 2020
Updated on Aug 3, 2020
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.
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