DESPITE TALL CLAIMS, REVIVAL PACKAGES AND SUPPORT ARE INADEQUATE
Dr. Gyan Pathak
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2023-07-26 16:02
There is no end in sight to the woes of the MSMEs in India, that suddenly started worsening with the sudden announcement of demonetization on November 8, 2016 by PM Narendra Modi, further exacerbated by introduction of GST next year from July 1, 2017, and intensified with lockdown of the country from March 24, 2020, and all without preparation for the consequent eventualities. Thousands of MSMEs were forced to shut down, rendered majority of them unviable, and most are still struggling to survive. Lakhs of jobs simply vanished, and the era of joblessness that began in 2016 continues with record unemployment rates that has reached 8.4 per cent in July 2023.