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MSME sector’s revenues likely to cross pre-pandemic levels in 2023-24: RBI Bulletin

Ease of doing business for MSMEs: India’s MSME sector recovering from the Covid impact is likely to grow past the pre-Covid period in revenues this fiscal, according to the Reserve Bank of India’s (RBI) latest monthly bulletin. “The MSME sector is on a path of recovery with revenues likely to cross pre-pandemic levels in 2023-24, except for export-oriented sectors affected by global headwinds,” said an article by multiple authors including RBI’s Deputy Governor Michael Debabrata Patra and Deba Prasad Rath, Principal Adviser at the central bank’s Department of Economic Policy and Research in the April bulletin.

Earlier this year, the Economic Survey 2022-23 had also highlighted MSMEs’ recovery as reflected in the GST data. According to the survey in January, the GST paid by MSMEs had dropped from Rs 5 lakh crore in FY20 to around Rs 4.7 lakh crore in FY21 before climbing to around Rs 5.5 lakh crore in FY22.

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