REFLECTIONS OF COVID-19 ON MSMES IN DEVELOPING ECONOMIES: A CASE OF INDIA

ABSTRACT

The novel coronavirus (COVID-19) has taken the entire global economy into uncertainty and the state of affairs in India is also one and the same. The pandemic crisis has adversely affected all sections of the economy in general and Micro, Small, and Medium Enterprises (MSMEs) in particular. The MSME sector is the nerve centre of all major economies in the world and it plays a vital role in the economic progress of developing countries. It generates huge employment and contributes significantly to the Gross Domestic Product. This paper is a theoretical exposition that aims to review the repercussions of COVID-19 on MSMEs. It also deals with the significance and the developments of MSMEs and the challenges encountered in its progressive path. The role of MSMEs in attaining the Sustainable Development Goals (SDGs) in the developing as well as underdeveloped economies in the wake of COVID-19 is also deliberated. The MSMEs are remarkably contributing to the socio-economic objectives of any country such as job creation, sustainable growth and alleviation of poverty. The chaos caused by covid 19 demanded the revitalizing of the MSMEs with modern technology, market competitiveness and export orientation. Apart from the various governmental measures initiated globally to protect the MSME sector, it is still confronted with multiple problems and requires more stimuli to strengthen it further. © 2022 by Nova Science Publishers, Inc.