However not much is known about how many (M)SME units were revived through credit supply. Research has indicated that the Emergency Credit Line Guarantee Scheme (ECLGS) provided the much-needed additional credit to more than 1.3 crore MSMEs and helped them mitigate the adverse impact of the pandemic. As per the MSME ministry’s Udyam registration portal, as on 19 March, 2022, the registered MSME units stood at 73,83,333. Since the total number of MSMEs is 6.34 crore (as per the ministry statistics), this means only 11 per cent MSMEs are registered and have access to formal institutional credit support.
Also, not much is known, with even reasonable accuracy, about what more needs to be done to help the sector, as most MSMEs work in the informal sector, are self-financed, and are outside the formal credit system! On 3 February 2022, the government replied to a parliamentarian’s query on how many MSMEs were closed down temporarily or permanently during the pandemic. The government’s response was, “As MSMEs function in both formal and informal sectors, data regarding temporary and permanent closure of MSMEs are not centrally maintained.”
This story is from the 9 April 2022 edition of Businessworld.
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This story is from the 9 April 2022 edition of Businessworld.
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