Even as the Maharashtra government dreams of making the State a first $1-trillion economy in the country, many of its three million MSMEs — which are the backbone of the State’s economy — are bearing the brunt of the slowdown.
Apart from being an automobile hub, Maharashtra is also a leader in agro- and food processing industries. However, even as the slump has paralysed MSMEs, the State government says that the slowdown is a worldwide scenario and the government has nothing to do with it.
BJP leaders are hopeful that the slowdown will not affect their winning prospects. With the automobile sector witnessing a steep slump in sales, MSMEs that manufacture components or do job work for the sector have reduced their working hours, stopped recruitment and gone in for job cuts.
This story is from the September 04, 2019 edition of The Hindu Business Line.
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This story is from the September 04, 2019 edition of The Hindu Business Line.
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