Page 27 - Banking Finance August 2021

COVER STORY

NEW HORIZONS

IN MSME FOR

ATMANIRBHAR

BHARAT

Preface: During COVID, the Government of India has announced relief
measures called 'Atmanirbhar Bharat Package' for many
The Micro, Small & Medium Enterprises have been
sector along with MSMEs and also changes the definition of
contributing significantly to the various sectors of Indian
MSME for immediate boost up of economy. The same is
economy. These are said to be the 'Engine of Economic
welcomed by the industrialists and all the citizens affected
Growth'. As per Central Statistics Office (CSO), the
by pandemic. Some steps taken by Government of India to
contribution of MSME Sector in country's Gross Domestic
boost the MSME sectors which are as under:
Product and export is around 28.90% and 48% respectively
and generated about 110 million employments.
1. MSME New Definition- Important
Micro, small and medium enterprise is the sector which was Features:
already reeling under huge distress firstly because of
demonetization, then because of GST followed by the
prolonged economic slowdown and finally, the biggest of all
- the COVID-19 which is going to aggravate the crisis in this
specific sector further. The Covid-19 outbreak has brought
the globalised world to a standstill. India's economy has
taken a massive financial hit during the lockdown imposed
to prevent the spread of the corona virus.

About the author

Arvind Kumar Sharma
Chief Manager (Faculty)
Union Bank of India
Staff Training Centre, Lucknow

BANKING FINANCE | AUGUST | 2021 | 27