According to the news from various sources, the Government of India is working on a comprehensive economic package for the industry in general. The package will cover not only MSMEs but all the companies. We all know that the economy has suffered heavily due to the ongoing Covid-19 pandemic. Every commercial enterprise is waiting for some govt support to survive during these difficult times.
MSMEs contribute significantly to the economy. They contribute 29% in the GDP of India and 48% in the exports, but due to the huge lockdown, they are facing plant closures leading to millions of job losses. Most of the developed countries like the USA, UK, Germany have already announced the economic stimulus package.
However, India has been on the wait and watch mode to assess the clear economic damage and will announce the package on the basis of assessment. However, the delay is making the commercial sector restless and any more delay could make the situation difficult to retrieve. Hence, the time is ripe for the government to move ahead and make an announcement.