3 Ports Icc

MSMEs sector in India is second largest employment generator after agriculture, and acts as a breeding ground for entrepreneurs and innovators with considerable support in strengthening business ecosystem. The estimated number of MSMEs in India is 63 million and employs 110 million individuals. Indian MSMEs produce more than products for local and global consumption. According to DGCIS data, the value of MSME related products in India is $147,390.08 million and contributed 48.56% of total export during 2017-18. MSMEs exposed to higher level of integration with global value and supply chains are playing critical role in global trade systems. Data from 2019 shows that sector contributed 29% to overall GDP. India is one of the most affected countries from coronavirus pandemic.Covid-19 pandemic have impacted MSMEs earnings by 20-50%. In the first quarter of the fiscal year 2021 India’s Gross Domestic Product collapsed by 23.9 % amid the coronavirus lockdown. The announcement of country wide lockdown dragged MSME owners, employers and external stakeholders in unexpected times, where no one had experience to handle this kind of situation. Extended lockdown had negative impact on supply of finished goods, procurement of raw material and availability of employees to work in production and supply processes. The pandemic has led to an unprecedented shutdown of business, industries and services. From manufacturing to real estate, hospitality to mining, has been impacted as the economy records its sharpest drop in 41 years. The lockdown restriction halted the most economic activities and led to job loss of millions of people and revenue streams.