{"id":12925,"date":"2020-10-10T12:42:00","date_gmt":"2020-10-10T12:42:00","guid":{"rendered":"\/blog\/?p=12925"},"modified":"2020-11-20T05:36:37","modified_gmt":"2020-11-20T05:36:37","slug":"why-reviving-sme-msme-sectors-should-be-top-priority-post-pandemic","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-business\/why-reviving-sme-msme-sectors-should-be-top-priority-post-pandemic\/","title":{"rendered":"Why Reviving SME &#038; MSME Sectors Should Be Top Priority Post Pandemic"},"content":{"rendered":"\n<p>The MSME (Micro, Small, and Medium\nEnterprises) sector employs over 11 crore workers. It constitutes 29% of\nIndia\u2019s GDP and makes up 48% of total exports. The number of registered MSMEs\nis 90.19 lakh. However, there may be a total of 6.33 crore MSMEs broken up as\nunder:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><tbody><tr><td>\n  Micro Enterprises\n  <\/td><td>\n  99.4%\n  <\/td><td>\n  6.30 crore\n  <\/td><\/tr><tr><td>\n  Small Enterprises \n  <\/td><td>\n  0.52%\n  <\/td><td>\n  3.31 lakh\n  <\/td><\/tr><tr><td>\n  Medium Enterprises\n  <\/td><td>\n  0.007%\n  <\/td><td>\n  5000\n  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The SME &amp;\nMSME sectors were already facing a credit crunch for some time. But with the\noutbreak of the Coronavirus, the situation became even direr. U.K. Sinha,\nformer chairman of SEBI, led an expert committee on the MSME sector. The\ncommittee submitted its report in July 2019, suggesting that the (MSMED) Act,\n2006&nbsp; needs to be amended to promote ease\nof doing business. And that was before the pandemic. With the state that the\neconomy is in right now, the need to revive the SME &amp; MSME Sectors, could\nnot be more urgent. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The SME &amp; MSME sectors are out of touch\nwith the latest technology<\/strong><\/h2>\n\n\n\n<p>The SME and MSME\nsectors suffer from a lack of technology-based production activities. With low\ninvestments in research and development and no technological application, these\nsectors simply cannot compete. The government should subsidize available\ntechnology so as to make these resources accessible for SME and MSME players.\nThis will help cut costs, and improve the quality of their products and make\nthem more profitable. The SME and MSME segments are suppliers for bigger\nmanufacturers and industrial houses. The government should therefore invest in\nproviding more back-end services to help improve their performance.<\/p>\n\n\n\n<p style=\"color:red\"><strong>Additional Read \u2013 <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/did-you-know-these-things-about-the-msme-sector-in-india\/\">Find Out The Important Things Your Should Know About MSME Sector in India<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The compliance framework is complex<\/strong><\/h2>\n\n\n\n<p>At present, the\ncompliance framework is way too elaborate. While the idea is conceptually sound\nand has in fact simplified interstate business, it cannot be denied that there\nis way too much paperwork involved. Most players in the SME and MSME sectors\ndon\u2019t usually have the required documentation. They don\u2019t even have the capital\nto avail the services of experts. For the SME and MSME players, there should\nonly be one mandatory identifier. This could be an Aadhar card or the company\nGST. This will dispense with the need for all other identifiers like an\nimport-export number, and registrations with various entities including the\nUdyog Aadhaar portal, NSIC, GSTN, etc. The entrepreneurs will no longer be\ndrowned in unnecessary paperwork and will have time to focus on core\ncompetencies. Even the U.K. Sinha report had recommended that PAN be made the\nUnique Enterprise Identifier (UEI) for the MSME sector.<strong><\/strong><\/p>\n\n\n\n<p style=\"color:red\"><strong>Additional Read &#8211; <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/new-business-loan-schemes-for-smes\/\">New Business Loan Schemes for SMEs<\/a><\/p>\n\n\n\n<p>Once we get a\nhandle on the virus and control the rates of infection and fatality, reviving\nthe economy in general, and the SME &amp; MSME sectors, in particular, should\nbe the government\u2019s top priority. Millions of livelihoods depend on the performance\nof these sectors. <\/p>\n\n\n\n<p>If you are looking for an MSME loan or any business loan, visit Tata Capital. With years of experience in the business, dedicated after-sales service and attractive business loan interest rates, Tata Capital is the right lender for you. Visit our website for more information.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background has-vivid-cyan-blue-background-color\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/business-loans\/home#!\">Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The MSME (Micro, Small, and Medium Enterprises) sector employs over 11 crore workers. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/why-reviving-sme-msme-sectors-should-be-top-priority-post-pandemic\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":12926,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-12925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What makes SME &amp; MSME the Top Priority for Reviving Post Pandemic?<\/title>\n<meta name=\"description\" content=\"Want to know the MSME and SME sectors condition and impact from lock-down? Check out why is it so essential to revive the economical backbone of India. Know more about it now!\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What makes SME &amp; MSME the Top Priority for Reviving Post Pandemic?\" \/>\n<meta property=\"og:description\" content=\"Want to know the MSME and SME sectors condition and impact from lock-down? Check out why is it so essential to revive the economical backbone of India. Know more about it now!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/loan-for-business\/why-reviving-sme-msme-sectors-should-be-top-priority-post-pandemic\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-10T12:42:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-20T05:36:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/11\/sme-and-msme-sectors-should-be-top-priority-post-pandemic.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-business\/why-reviving-sme-msme-sectors-should-be-top-priority-post-pandemic\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-business\/why-reviving-sme-msme-sectors-should-be-top-priority-post-pandemic\/\",\"name\":\"What makes SME & MSME the Top Priority for Reviving Post Pandemic?\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2020-10-10T12:42:00+00:00\",\"dateModified\":\"2020-11-20T05:36:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"description\":\"Want to know the MSME and SME sectors condition and impact from lock-down? 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