Micro, Small and Medium Enterprises (MSMEs) under the threat of COVID-19 Pandemic in India: Problems, Challenges and Strategies for Revival
Due to the outbreak of epidemic COVID-19 whole world is facing two-way crisis first as COVID-19 outbreak and economic crisis. It has been drastically impacted the socio -economic, political and psychological conditions of all nations specially developing countries like India. As social distancing is the only precaution to avoid the virus, a nationwide lockdown has been imposed which has influenced almost every aspect of the global economy as well as India. The backbone of Indian Industry, Micro, Small and Medium Enterprises (MSMEs) has been affected badly for the last couple of months due to COVID-19. MSME sector has been facing huge number of problems and challenges due to this world-wide pandemic outbreak. The researcher identified the problems faced by MSMEs during the lockdown like disruptive supply chain, low demand, clean out wasted stocks and shortage of human resource. Paper also discusses the role of government initiatives and analyzed the challenges and issues facing by MSMEs in present economic scenario on the basis of extensive literature review. Outcome of the study will help to strategies formulation to revive the MSMEs to come out from the recent crisis.