A MANAGEMENT ROAD MAP FOR MSME POST COVID-19
Keywords:Indian MSME’s, Covid-19, Challenges, Review of Relief Package, Self Measures.
Indian MSME sector is the second largest MSME sector in the world, next only to China. With the capacity of producing 8000 varied products ranging from traditional to hi tech, this sector of Indian economy has a strategic significance that has the potential to attract not only the muchneeded foreign investments but can at the same time be nurseries to innovation and entrepreneurship.
The impact of Covid-19 had been equally shattering on the developed and developing economies of the world. With the sudden jerk in the upstream growth movement, majority of the countries are now battling to get the economies back into track. India being no exception has introduced several measures for various sectors to support their survival and sustenance. The Indian MSME sector being the most impacted has been hit the hardest. With no production, less demand and severe supply chain constraint the demon of Covid -19 has eaten up substantial financial and operational strength of the enterprises in this sector.
This paper examines the challenges faced by the MSME enterprises during covid-19 and also attempts to review the acceptance of the ‘special package’ given by the Central government and the actions further initiated by MSME Ministry for lifting the sector. This paper also states the measures that can be taken by these enterprises on a suomuto basis to combat the severe financial and operational crunch in the covid -19 situation.