MSMEs Are Backbone Of Economy, Need Urgent Financial And Regulatory Support: Ex-Secretary, Ministry of Skill Development and Entrepreneurship
Covid-19 has posed a big challenge for over 55 million Micro, Small and Medium Enterprises (MSME) in India. The MSME sector, according to various estimates, employs over 120 million people, accounts for 31 per cent of the country's GDP and 45 per cent of exports. Dr KP Krishnan, who was former Secretary, Ministry of Skill Development and Entrepreneurship, and has initiated Global Alliance for Mass Entrepreneurship (GAME) along with industry experts, believes that the current crisis gives a unique opportunity for progressive and modern reforms for the MSMEs. Excerpts from interview:
Why did you float a national task force - Global Alliance for Mass Entrepreneurship (GAME)?
A majority of MSMEs in India were already struggling to cope with the demonetisation, GST and a slowing economy when Covid-19 hit the country.