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As per The World Bank and rating agencies, India's growth for FY2021
with the lowest figures India has seen in three decades since India's
economic liberalization in the 1990s.
The majority of job losses in the hospitality and tourism sector were
reported followed by sales staff and all other sectors.
The MSME sector employs over 110 million Indians and contributes nearly
30% to India’s GDP. The proposed Rs. 10,000 crore Fund of Funds can
realistically pay salaries of only 5% of the total employees, if we consider
Rs 20,000 average monthly salary. This clearly indicates that the small
businesses still need to work hard to ride out the storm on their own and
those who will wait for government help tend to die sooner.
Some relaxation was announced on 18th May in some tier 2 and tier 3
cities. Small businesses were started to open up.