Digital lenders: Towards inclusion of MSMEs
MSME focussed digital lenders have brought inclusion and formalization of credit by providing widespread access to information
India is now a country of over 100 million micro, small and medium enterprises (MSMEs) following the inclusion of retail and wholesale trading in the MSME category by the government last year. This means the fortunes of over 25 percent of the households are linked to any policy changes related to MSMEs.
Over 47 percent of micro-enterprises and 53 percent of SMEs have adopted digital sales platforms according to a CRISIL report. Another report assessed that over 65 percent of MSMEs have incorporated WhatsApp and video conferencing as digital tools into their daily business operations.