Skip to navigationSkip to content
TESTING TIMES

India’s small businesses are facing a “mass-extinction event” in the wake of Covid-19

India-MSMEs-economic slowdown
REUTERS/Rupak De Chowdhuri
Caught in a deep slowdown.
  • Prathamesh Mulye
By Prathamesh Mulye

Writer, banking and economy

Small and medium-sized businesses have been at the center of the Narendra Modi government’s plans to revive the Indian economy from the Covid-19-triggered slump. Yet, experts believe, not much has changed for such firms and the pandemic could prove to be a “mass-extinction event” for them.

Only a third of Indian medium and small enterprises (MSME) have received loans under the new government credit guarantee scheme launched as part of the Covid-19 relief package, according to a survey (pdf) by CARE Ratings.

The survey was conducted in June and July and covered 345 MSMEs from various sectors, including manufacturing and services.

Enrich your perspective. Embolden your work. Become a Quartz member.

Your membership supports a team of global Quartz journalists reporting on the forces shaping our world. We make sense of accelerating change and help you get ahead of it with business news for the next era, not just the next hour. Subscribe to Quartz today.

Membership includes:

こちらは英語版への登録ページです。
Quartz Japanへの登録をご希望の方はこちらから。