The pace of the economy will be accelerated by the power of MSMEs, these necessary steps will have to be taken

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Despite the many schemes and efforts of the central government, the MSME sector is facing many challenges, due to a lack of capital and cheap credit, the small-scale industry is in trouble.

MSME.Ministry of Micro, Small and Medium Enterprises New Delhi. 
Small-scale industries account for 30% of the country's GDP and 40% of the total industrial output. They also account for more than 35% of the total exports. The MSME sector provides employment to 11 crore people across the country. Half of the MSMEs are operating in rural India. Experts say that the growth of the Indian economy is only due to the strength of MSMEs.

Despite the efforts of many schemes, the MSME sector is facing many challenges.
Surrounded by troubles: The MSME sector is facing problems since the Corona epidemic. According to the Crisil report, the market share of MSMEs declined by 3% and it has been captured by corporate houses. To revive the Indian economy by reviving MSMEs should be the top priority.

Rs 10.7 lakh crore outstanding MSME on various companies including government
Delay in payment biggest problem: MSME sector
facing delay in payment. Their business is getting ruined due to delays in payment and many have reached the verge of closure. MSMEs owe more than Rs 10.70 lakh crore to private companies including the Center as well as state governments, and government companies.



Big challenges before MSMEs

Competition: MSMEs have to compete with products from other countries, especially China, both in terms of price and quality. Getting raw materials at a low cost is a big challenge.
Expensive Raw Material: High
Due to non-tariff measures along with import duty, anti-dumping and safeguard duty, raw material prices in India are higher than in the international market. This makes the products of smaller units no longer competitive.
Technology: More than 90% of MSMEs are micro. The small size makes it difficult for them to access the technology.
Lack of money: MSMEs need cheap loans. According to a World Bank report, less than 50% of MSMEs have access to formal credit. They have to mortgage their property for the loan. And it does get very expensive.

....Now, what's the way ahead?

The government must work to improve the ease of doing business, balance competition for local businesses and startups, broaden the network of beneficiaries, and increase transparency.
The pending payments of MSMEs should be expedited. All MSMEs should be digitized to remove liquidity pressure on working capital.
The sector will benefit if changes are implemented to make credit and capital more easily accessible to MSMEs.
If MSMEs want to achieve GoY, they have to bring their business online as well. If they don't do this they will be left behind.

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