How hyper value e-commerce platforms are enabling India’s micro entrepreneurs

Technology for MSMEs: Several factors drive India’s impressive economic growth story. One of the key components is the micro, small and medium enterprises (MSMEs) that form the backbone of the economy. These enterprises spread wide across the nook and corner of the nation, with most of them based in small towns and cities, contribute around 30 per cent to India’s GDP. Additionally, 40 per cent of India’s exports also come from MSMEs, wherein sectors like garments and coir occupy a fair share.

Given their potential and humongous numbers, the government is focused on encouraging MSMEs to build a strong credit history. More recently, in the Union Budget 2023, to alleviate stress for small businesses, Finance Minister Nirmala Sitharaman announced a Rs 9,000-crore corpus for a revamped credit guarantee scheme. Furthermore, according to the Economic Survey 2022-23 tabled in Parliament a day before the budget, as on November 30, 2022, 1.2 crore MSME units availed the Emergency Credit Linked Guarantee Scheme (ECLGS) and raised collateral-free resources to the tune of Rs 3.6 lakh crore.

Read more at Financial Express