A study on management of msmes during global crises of pandemic Covid-19

Abstract

The Micro-Small and Medium Enterprises (MSMEs) are small sized enterprises categorised on the bases of their quantum of investment. They play significant role in the developing economies of the word by contributing significantly to output, employment and export. They perform They perform a crucial role in Indian economy by providing employment to a large number of unskilled and semi-skilled people, significantly contributing to exports, enhancing manufacturing sector's production and extending support to large industries by way of provision of raw material, basic goods, finished parts and components, etc. The world is going through the severe crisis of pandemic, Covid 19. Recently it has affected over 210 countries, infecting beyond 2 million people, with more than 1,37,000 casualties. The only remedy available to the government is to keep country under lockdown that gives rise to alarming situation. The question arises, whether the economy will be able to revive and protect the livelihood of the people? We have so far analysed that the global pandemic has created greatest global humanitarian challenge the world has faced so far. It has affected all the sectors of world economy badly. As MSMEs in India is being managed with fewer resources and with government support. This business sector is expected to be hit poorly. MSMEs can prove to be great measure in present scenario of pandemic covid-19 when large number of workers migrating back to their villages. It is crucial to strengthen MSME sector to accommodate new burden of migrated labourers on rural India. The present study finds out some grass root realities of MSMEs operating at Uttar Pradesh and highlights the issue with them. The present study also aims at analysing the challenges faced by MSMEs during pandemic, Covid 19 and to explore the suitable solutions to revive these business units back to the normal business and prepare for such crises in future.