Effects of Covid-19 on Business and Financial Strategy of a Firm: Survey of Indian MSMEs

ABSTRACT

This study uses a modified version of the questionnaire used in Zou et al. (2020) to survey a sample of privately held Micro, Small and Medium Enterprises (MSMEs) in India concerning the impact of Covid-19 pandemic on business performance, what the owner/managers of firms did to survive, and what they feel about how their company will navigate 2022. Our survey results show that firms not only faced tremendous challenges to recover from the unprecedented shock of economic distress, but they also did it mostly without much official financial help. The paper reviews the few available survey studies and analyzes the results of the survey conducted. One can deduce that the lack of assistance had a severe effect on the survival of such MSMEs.