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MSMEs play an important role in the economic growth and employment generation of any country. The MSME sector is considered the backbone of the Indian economy.
The number of MSMEs in India has grown rapidly over the past few years. In India, there around 63 million micro, small and medium scale enterprises, as per the government. These industries contribute to over 45% of the country’s manufacturing output, 40% of exports, and 30% of GDP. The government aims to increase the contribution of the sector to GDP to 50% in the next five years.
These industries provide employment to more than 110 million people in the country. The micro-enterprises comparatively provide more employment opportunities than the small and medium scale enterprises.
Like every other sector, the MSME sector was hit badly by the Covid-19 pandemic. The impact of the pandemic on the MSME sector is huge due to the unorganized nature of the sector.
The Government of India has taken a lot of initiatives to help the sector recover from the pandemic. The government has revised the definition of MSMEs in the country by increasing the investment and annual turnover limits. This helps them avail more benefits from the government schemes directed at the MSME sector.
Under the Atmanirbhar Bharat scheme, the government has announced several measures for the MSMEs, including Rs. 20,000 Cr. Subordinate Debt for Stressed MSMEs, Rs. 50,000 Cr. Equity Infusion for MSMEs through Fund of Funds, Disallowing of Global Tenders Up-to Rs. 200 Cr. Projects, Rs. 3 Lakh Crore Collateral-free Automatic Loans, etc.
Challenges Faced by MSMEs
Despite their vital in the economy and the support from the government, the SMEs in the country continues to face several challenges. Some of the major challenges faced by micro, small and medium industries include low awareness about the technology, poor infrastructure facilities, availability of skilled workforce, availability of raw materials, funds, etc.
The government is implementing numerous schemes to provide financial assistance to MSMEs in the country. However, most of the MSMEs have little awareness about how to get financial assistance from the government. There exists a huge gap between the MSMEs and the government, which is eventually impacting the reach of government schemes.
These days, technology has been disrupting the operations across various industries. But, due to a lack of awareness about the scope of technology, very few MSMEs have been able to leverage the potential of technology for business growth.
The primary reason for most of the challenges of SMEs is the lack of expertise to address the problems. The MSMEs, owing to financial limitations, cannot afford to have in-house experts who can help them address their challenges. At the same time, finding a freelance consultant for assistance in addressing the problems is not an easy task, as the consulting space is quite fragmented.
SolutionBuggy is India’s largest MSME consulting platform with a network of more than 8,000 consultants. We help businesses who are looking for MSME consulting by connecting with professional consultants. Our SME consultants, by providing the required expertise, help businesses address their challenges.
We provide a wide range of SME consulting services, right from market research and product identification to marketing and sales.
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