2.1 C
London
Tuesday, February 7, 2023

According to the Road to Recovery report, more than 50% of micro-enterprises lacked mechanisms to cope with the impact of Covid

Must read

Simple Energy raises $20 million from investors

Electric Vehicle Startup Simple Energy announced on Tuesday to raise USD 20 million (approximately ₹ 165 crore) from a group of investors as part...

Who is Wes Anderson’s wife, Juman Malouf? His married life, girlfriend and more

Wes Andersenthe director of movies, including Moonrise Kingdom, Fantastic Mr. Fox, The Grand Budapest Hoteland others is married to his wife Juman Maloufa...

RCap Resolution: NCLAT issues notices to Torrent Investments and others at the lender’s plea

The appeals court has ordered the petition to be listed on February 9, 2023 and says the appeal will be heard and decided by...

A single ticket in Washington State wins the $754.6 million jackpot

The lucky owner of a single Powerball ticket in Washington state has won a jackpot worth $754.6 million after matching all six numbers drawn...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

  • The survey among MSMEs during and after the lockdown period takes a closer look at the major problems faced by entrepreneurs.
  • This survey shows that only 31 percent of those surveyed were aware of programs launched under the ‘Atmanirbhar Bharat’ initiative.
  • The survey was conducted in 2020 and 2021 in two rounds, each of 1955 micro-enterprises.


A study of the impact of Covid-19 on micro-enterprises in India found that nearly 40 percent of them were denied loans (both formally and informally) because they lacked sufficient collateral or did not have a positive credit history. According to non-profit organizationGlobal Alliance for Mass Entrepreneurship(GAME), which conducted the survey, 21 percent of micro-enterprises lacked the required documentation for the application.

The report, entitled ‘Road to Recovery: Exploring the impact of Covid-19 on micro-enterprises in India,” recently released, is a nationwide study on how India’s SME (micro, small and medium-sized enterprises) sector has weathered the lockdowns during the pandemic, according to GAME.

The survey conducted among MSMEs during and after the lockdown period takes a closer look at the major issues entrepreneurs face in relation to financial impact, business confidence and stress management, it said.

The survey, conducted in 2020 and 2021 in two rounds each of 1,955 micro-enterprises, found that more than 50 percent of companies reported having no coping strategies or mechanisms in place to deal with the impact of the pandemic, GAME said. in a statement.

GAME founder, Ravi Venkatesan said there is a great need to build sufficient knowledge of bank managers, field officials and bank correspondents about banking and government regulations.

This survey shows that only 31 percent of those surveyed were aware of schemes launched under the ‘Atmanirbhar Bharat’ initiative, he said.

“As part of the package, financial institutions introduced a credit product for MSMEs whose loan accounts were categorized as Special Listing Accounts by credit institutions. While this was created to support MSMEs unable to repay loans, financial solutions can be created in the same way to encourage business adaptations in response to external challenges,” said Venkatesan.

SEE ALSO: Elon Musk may start producing ‘alternative’ smartphones to compete with Apple, Android

India sees one-day surge of 389 new coronavirus infections, number rises to 5,30,608

The center releases ₹ 17,000 cr as GST compensation to states/UTs

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Simple Energy raises $20 million from investors

Electric Vehicle Startup Simple Energy announced on Tuesday to raise USD 20 million (approximately ₹ 165 crore) from a group of investors as part...

Who is Wes Anderson’s wife, Juman Malouf? His married life, girlfriend and more

Wes Andersenthe director of movies, including Moonrise Kingdom, Fantastic Mr. Fox, The Grand Budapest Hoteland others is married to his wife Juman Maloufa...

RCap Resolution: NCLAT issues notices to Torrent Investments and others at the lender’s plea

The appeals court has ordered the petition to be listed on February 9, 2023 and says the appeal will be heard and decided by...

A single ticket in Washington State wins the $754.6 million jackpot

The lucky owner of a single Powerball ticket in Washington state has won a jackpot worth $754.6 million after matching all six numbers drawn...

WhatsApp allows users to post voice notes as status updates • londonbusinessblog.com

WhatsApp Status, the feature introduced in 2017 as the company's take on Snapchat Stories, has received a number of updates to make it more...