Between the lockdown and the corona transition, the Indian Industries Association (IIA) is the apex body of micro, small and medium enterprises (MSMEs) in North India, which is regularly monitoring the changing circumstances for MSMEs due to the Kovid-19 epidemic.The IIA is in regular touch with its more than 8000 members and is handing over time to the state and central government to deal with the situation based on the feedback received from them. Along with this, the IIA is also preparing its members to face this difficulty.
MSMEs are the backbone of the Indian economy, which contributes about 30% to the GDP. MSMEs are also employing 50% of the total workforce employed in industries. About 97% of the 6.34 crore MSMEs in India are in the micro category, meaning that 97% of the MSMEs have an investment of less than Rs 25 lakh in plant and machinery. All these micro-units are mainly in the unorganized sector and are self-financed. The enforced lockdown caused by the current Coronavirus epidemic (COVID-19) has significantly hampered the operation of these MSMEs, as MSMEs rely on cash-economy that has been damaged due to lockdown, unavailability of workers And this sector is greatly affected by the restriction in the availability of raw materials and transport infrastructure. This will adversely affect the entire economy, so it is very important to have a strong policy in the MSME sector in the country.
Apart from this, the Government of India has so far provided some assistance, including reduction in interest rates, increase in NPAs to prevent insolvency and provision for payment from the Government's share of Employees Provident Fund (EPF). Similarly, the above policy measures are somewhat encouraging but they are more beneficial for large and more formal firms and not for small and unorganized firms which form a major part of the industrial scenario of the country.
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