2021

THE BHOPAL SCHOOL OFSOCIAL SCIENCES

Research Project Submitted in Partial Fulfillment of the

RequirementsFor the Degree of

B.Com (Honours)

“IMPACT OF COVID-19 ON INDIAN

ECONOMY ( WITH SPECIAL REFERENCE
TO MSME SECTOR)”

RESEARCH GUIDE SUBMITTED BY

DR. SWAPNA PILLAI BUSHRA IRSHAD

B.COM(HONOURS)
SECTION A ,3RD YEAR

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 CERTIFICATE

This is to certify that BUSHRA IRSHAD is a regular student of

“THE BHOPAL SCHOOL OF SOCIAL SCIENCES.” She has
conducted an authentic research report on the topic “IMPACT
OF COVID-19 ON GLOBAL ECONOMY” and has completed
the research project successfully under the guidance of MRS
SWAPNA PILLAI.
The project has been prepared for honors paper of B.com
(honors) for examination session 2021-2022 and is been submitted
thereof.

RESEARCH GUIDE:
DR. SWAPNA PILLAI

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 ACKNOWLEDGEMENT
I would like to take this opportunity to thank Dr. FR. JOHN P.J. (PRINCIPAL)
Of The Bhopal School Of Social Sciences. DR. SMITHA PILLAI (Our research
methodology teacher) to have provided me with such a great opportunity to
work on this research project.
I am indeed thankful to DR SWAPNA PILLAI , my teacher guide for her
constant support and guidance throughout the report work, without which I
could not have completed this work.
I am grateful to all the respondents of the questionnaire for being so much
cooperative and patient to fill the required answer in the questionnaires. The
project would not have been such a success without their contribution.
Last, but not the least, I would like to thank my family, friends and all those
who helped me in some way or the other in the successful completion of this
research project.

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 DECLARATION

I BUSHRA IRSHAD hereby declare that the project entitled

“IMPACT OF COVID -19 ON GLOBAL ECONOMY” submitted to
‘The Bhopal School Of Social Sciences’ is a record of original work
done by me under the guidance of DR SWAPNA PILLAI.
Any inferences, research or similarity is purely coincidental.

BUSHRA IRSHAD
B.com (Honors)
3RD Section ‘A
Roll No. 18051039

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 INDEX
SR NO. CONTENTS

1 ABSTRACT

2 INTRODUCTION
Rationale of the study
Introduction to the industry.

3 LITERATURE REVIEW

4 RESEARCH METHODOLOGY
Research design
Objectives of the study
Scope of study
Limitations of the study
5 DATA ANALYSIS AND
INTERPRETATION

6 RESULTS AND DISCUSSIONS

Major findings
Conclusion
References

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ABSTRACT

Pessimism is prevalent everywhere. COVID-19 has been compared to the Great Depression
of the 1930s. Every day, new bottoms of a fall-down in economic activity are being dug up
by analyst and agency surveys. In this hour of crisis, the Indian economy, on the other hand,
has a slightly different storey to tell. The outbreak of the Covid-19 pandemic has hit India's
economy like a tonne of bricks. Before Covid-19 struck, the economy was already in bad
shape. The economy is expected to experience a prolonged recession as a result of the
country's long-term lockdown, the global economic downturn, and the resulting disruption of
demand and supply chains. This paper discusses effect of COVID-19 ) on India's Micro,
Small, and Medium Enterprises, which is one of the vital driver of Indian Economy. MSME's
are the foundation of the economy utilizing more than 11.10 crore laborers in non-farming
exercises across country, and records for about portion of India's fares. On the foundation of
wellbeing crisis, the MSME units are in an upsetting circumstance as seriously obliged
request has gotten their income. The pandemic further worsen bunch of issues to the delicate
MSME area as their liquidity comes from every day interest for their item, and they don't
have enormous money saves. With supportability of MSMEs in question the possibilities of
monetary advancement of India presents an extremely miserable picture considering MSMEs
contribute around 30-35% to the GDP. Visualisation of future existence of Indian MSME is
completely impossible and uncertain at this moment. Their conclusion could prompt a
primary issue in economy while extending the imbalance hole. The point of study is to
evaluate the effect of interest, supply and liquidity stun incurred by Covid on India's delicate
MSME area while proposing recuperation measures to the public authority.

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CHAPTER -1

INTRODUCTION

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INTRODUCTION

On December 31, 2019, WHO received notification of a cluster of pneumonia cases with an
unknown cause in Wuhan, Hubei Province, China. On January 7, Chinese authorities reported
the coronavirus disease (COVID-2019) as the causative virus. As part of the World Health
Organization's (WHO).
The R&D Blueprint has been triggered in response to the outbreak to speed up diagnostics.
On March 11, 2020, the planet was awakened to a perilous reality when the World Health
Organization (WHO) declared novel coronavirus (COVID-19) a pandemic (Sohrabi et al.,
2020; WHO, 2020a). Cases spread quickly from Wuhan, China, to Japan, South Korea,
Europe, and the United States, reaching global proportions. Substantive economic signals are
being sent in the direction of a formal pandemic declaration.WHO has identified a newly
discovered disease (COVID-19) as an infectious virus. Corona virus spreads from person to
person first.when any person who is already sick has a discharge from the nose,Coughs and
sneezes had infected him. As such, it was critical,to defend themselves from this and to take
care of you a virus It was well-informed about COVID -19 and how to deal with it.This virus
must be protected and disseminated.
We are amidst Coronavirus illness 2019 or Covid 19 pandemic that has delivered an
remarkable financial stun and wellbeing stun across the globe. Given the exceptionally
infectious nature of illness, the flare-up of Coronavirus has prompted a plague followed by
expanding number of cases announced in different nations across all landmasses. On January
30, 2020, India reported the first case of the disease. Since then, the number of cases has
steadily risen, and India now has the world's third highest Covid-19 caseload, after the United
States and Russia, with over a million reported cases and over 25,000 deaths. 5
The rate of doubling has gradually increased to about 18-22 days. In light of the episode,
Government of India has made different strategy moves to contain the spread of infection, for
example, upholding social separating and self-disengagement measures, travel boycott and
boundary conclusion, and lockdown of whole country. These actions are pointed levelling the
bend. Furthermore, they likewise purchase at some point time to set up the country's medical
care framework to fight the pandemic at its pinnacle. India, which has a populace of 1.3
billion spends about 1.6% of all out GDP on its medical services foundation,is ill-equipped
with its delicate and worn out medical care facilities. The MSME area is a significant
mainstay of Indian economy and has arisen as quite possibly the most lively piece of Indian
assembling area. MSMEs are spine of Indian economy and go about as
auxiliary units to enormous ventures. They assume a urgent part in financial improvement of
the country through their critical commitments to business age being work escalated
furthermore, monetary strengthening of in reverse territories. They are spread all over
economy and advance comprehensive industrialization in the country. There are about 6.33
crore MSMEs in the country, utilizing about 11.10 crore laborers in non-horticultural
exercises across the country2 Each workmate in MSME area or Manufacturing area truth be
told has multiplier an impact of delivering extra 2-3 positions. Notwithstanding challenges,
MSMEs have made critical commitments to sends out furthermore, financial aspects
improvement of the country and arose as one of the vital drivers of Indian economy over
recent many years.

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RATIONALE OF THE STUDY
The examination plans to make an evaluation of COVID-19 on Indian economy by dissecting
its effect on development, assembling, exchange and miniature, little and medium ventures
(MSME) area, and features key approach measures to control the conceivable aftermath in
the economy. The effect of the pandemic across areas and in various situations of complete,
broadened and incomplete lockdown, and at various degrees of limit use is gigantic on the
Indian economy. India's economy may scarcely figure out how to have a positive
development of 0.5 percent in a hopeful situation yet in addition faces the chance of a 3–7
percent negative development in most pessimistic scenario situations for the schedule year
2020. The effect is serious on exchange, assembling and MSME areas. The probably sway
(deceleration) of COVID-19 from most ideal situation to most noticeably awful situation are
as per the following: fabricating area may contract from 5.5 to 20 percent, trades from 13.7 to
20.8 percent, imports from 17.3 to 25 percent and MSME net worth added (NVA) from 2.1 to
5.7 percent in 2020 over earlier year. The economy is going towards a downturn and the
circumstance requests methodical, very much focused on and forceful financial money
related upgrade measures.

INTRODUCTION TO THE INDUSTRY

MSME represents Micro, Small and Medium Enterprise (MSME), presented by Government
of India in concurrence with Micro, Small and Medium Enterprises Development (MSMED)
Act, 2006 are substances occupied with the creation, assembling, handling or protection of
merchandise and wares.
MSME area is considered as the foundation of Indian economy that has contributed
considerably in the financial advancement of the country. It produces business openings and
works in the advancement of in reverse and provincial zones. According to the Government's
yearly report 2018-19, there are as of now 6,08,41,245 MSMEs in India. For your agreement
how about we examine a portion of the fundamentals of MSME, including its order,
highlights, job and significance in financial improvement of India.

FEATURES:
 Efforts to improve the well-being of artisans and workers
 Banks have credit limits or financing assistance.
 Via specialised training centres, encourages entrepreneurship and skill growth.
 Supports the advancement of technology, infrastructure growth, and modernization.

 Provides assistance in gaining better access to domestic and international markets.

 Provides modern research equipment as well as quality assurance.

The following are some of the departments that operate under the Ministry of MSME:
 A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship
(ASPIRE)
 Khadi and Village Industries Commission (KVIC)
 Mahatma Gandhi Institute for Rural Industrialization (MGIRI)

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  National Institute for Micro, Small and Medium Enterprises (NIMSME)

 National Small Industries Corporation (NSIC)

 Scheme of Fund for Regeneration of Traditional Industries (SFURTI)

THE IMPORTANCE OF MSME’S IN INDIAN ECONOMY:
In 1961, with the consolidation of the Ministry of Small Scale Industries and the Ministry of
Agro and Rural Industries; the Ministry of Micro, Small and Medium Enterprises (M/o
MSME) was shaped. MSMEs creates and makes a wide assortment of items for homegrown,
just as global business sectors. MSMEs help in the advancement of development and
improvement of Khadi, Village and Coir ventures, in co-activity with concerned services,
state governments and partners. MSME was dispatched in 2006 to turn into an essential piece
of the inventory network for items and administrations; besides, a maker of huge scope work
open doors in rustic India. MSMEs add to around 8% of India's GDP, utilizes more than 60
million individuals, has a huge portion of 40% in the fares market and 45% in the assembling
area.
 MSMEs employ about 120 million people, making them the second-largest source of
jobs after agriculture.
 It contributes about 6.11 percent of GDP from manufacturing and 24.63 percent of
GDP from service activities, with about 45 lac units across the region.
 As India steps closer to being a $5 trillions economy, the MSME ministry aims to
raise its contribution to GDP by up to 50% by 2025.
 MSMEs encourage all-inclusive growth by creating job opportunities, especially for
people from the poorer parts of society in rural areas.
 MSMEs in tier-2 and tier-3 cities contribute to the creation of opportunities for people
to use banking services and goods, which can result in the final accounting of
MSMEs' contribution to the economy.

The Indian government, through the Ministry of MSME, has initiated a range of
programmes aimed at encouraging Indian people to be more creative and expanding
established businesses. In this article, we look at some of the ministry of MSME's most
important programmes and schemes.

1. PM's Employment Generation Program (PMEGP) – this is a plan which is presented

so as to produce business openings in country just as metropolitan territory by
advancing the arrangement of miniature undertakings. The other point of this program
is to capture the movement of youthful age from the country because of joblessness.
Any resident with 18 years or above age can approach for the monetary help under
this plan.

2. Credit Linked Subsidy Scheme(CLSS) - This plan is intended for those miniature and
little endeavours who find hard to bear the cost of the significant expense in surveying
new and refreshed innovation. By this plan the undertakings will get a sponsorship up
to15 percent on the credit benefited for the upgradation of innovation in the ventures.
This plan discovered to be more useful for the endeavours for improving their
efficiency with the assistance of refreshed innovation.

3. Credit Guarantee Trust Fund for MSEs (CGTMSE) – under this plan credits are
authorized on the premise of assurances gave as far as possible. The insurance free

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 attributes are given to both new and existing undertakings through banks and other
monetary establishments

4. A Scheme for Promotion of Innovation, Rural Industry and

Entrepreneurship(ASPIRE) - this program is intended to dispose of joblessness and
encourage the monetary advancement from the grass root level by building up a
culture of business venture. under this hatcheries are set up and an information base
was made accessible innovation with government and different organizations. This
plan likewise give seed funding to imaginative plans to set up the endeavours.

5. The Micro and Small Enterprises Cluster Development Programme (MSE- CDP) was
developed by the ministry to improve the productivity and competitiveness of Micro
and Small Enterprises. This helps businesses develop their technology, skill,
efficiency, and marketability.
6. Fund for the Regeneration of Traditional Industries Scheme – this scheme aims to put
traditional businesses, such as artisans, together to create clusters that will enable
them to remain competitive in the long run. This also entails the establishment of
common facility centres .
7. Financial Assistance to MSME in ZED Certification – This programme aims to
encourage MSME to produce zero defects. This is to raise awareness about the value
of quality in production so that they can increase their production, market scope, and
so on.

AN OVERVIEW OF INDIAN ECONOMY AND MSME SECTOR PRIOR TO

COVID-19.
They assume a critical part in financial improvement of the country through their huge
commitments to work age being work serious also, financial strengthening of in reverse
zones. They are spread all over economy and advance comprehensive industrialization in the
country. There are about 6.33 crore MSMEs in the country, utilizing about 11.10 crore
laborers in non-horticultural exercises across the country.
Each work made in MSME area or Manufacturing area indeed has multiplier an impact of
creating extra 2-3 positions. Notwithstanding challenges, MSMEs have made critical
commitments to trades what's more, financial matters improvement of the country and arose
as one of the vital drivers of Indian economy over recent years. The Indian economy recently
experienced a six-year low growth rate of 4.5 percent in the July-September 2019 quarter.
This slowdown occurs as the economy recovers from the effects of two policy shocks, the
first of which was the demonetization of 86 percent of the currency, followed by the
implementation of new Goods and Services Tax reforms. The underlying changes in the
economy made a short medium term liquidity smash in the economy and most noticeably
awful hit were cash-dependentMSMEs. It is contended that this liquidity crunch additionally
caused changes in underlying structure of economy as numerous MSMEs couldn't endure the
obfuscated condition of interest in the economy

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MSME Since most MSMEs basically work on cash, they require prompt liquidity to adapt to
unfavourable occasions. As referenced over, the public authority reported security free
programmed credits to the tune of Rs. 3 lakh crores over the course of the following five
months ensured by the public authority.
As indicated by the public authority, the improvement is Rs. 5.9 lakh crores for MSMEs (3%
of GDP). Be that as it may, the gauges show that the monetary ramifications is just Rs.
16,500 crores (0.08% of GDP). A modest number of firms can really profit by the public
authority declarations. Inventory network disturbances have additionally provoked interest
issue for MSMEs from the bigger firms. A review by All India
Producers Organization (AIMO) says that at any rate 78% of the MSMEs are not happy with
the monetary bundle execution. They are anticipating that the government should give an
option monetary component than simply credits and give a pay boost to their laborers. Firms
likewise recommended alleviation through interest free credits, conceding charge discount,
and diminishing GST pieces. The quick issue is endurance and recuperation in the following
not many months. There are additionally numerous chances for MSMEs in the space emptied
by China. Indian can't become Atmanirbhar without dynamic MSMEs.

THE EFFECT OF THE CORONA VIRUS ON INDIA'S MICRO SMALL AND

MEDIUM ENTERPRISES (MSME) SECTOR:

COVID-19 has had a massive impact on countries, especially the nationwide lockdowns that
have brought social and economic life to a halt. A environment that was once buzzing with
activity has gone quiet, and all resources have been redirected to reach the never-before-
experienced a crisis. The WHO and the World Bank published a joint study in 2019 that
projected the effects of a pandemic at 2.2 percent to 4.8 percent of global GDP. When we see
the world being consumed by this crisis, the prediction appears to have come true. This
COVID-19 pandemic affected the manufacturing and the services sector—hospitality, tours

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and travels, healthcare, retail, banks, hotels, real estate, education, health, IT, recreation,
media and others. The economic stress has started and will grow rapidly.
The remarkable lockdown has acquired a mess the economy. The lockdown of a country
because of a pandemic seriously compels the interest and supply. A large number of transient
laborers are abandoned in fixed urban areas with no work and pay. As the monetary exercises
are at stop, a huge number of job and organizations are in question. There has been a finished
breakdown of worldwide and homegrown inventory chains with no development of crude
material and completed products due to unexpected conclusion of public and state borders.
The economy is additionally encountering an interest stun as the spending is simply restricted
to fundamental consumptions. The devastating effect of Coronavirus will be on both MSMEs
and bigger firms, anyway the effect will be more evident on the powerless
MSMEs. The Covid-19 pandemic is a seismic pressing factor threating the stockpile chains.
With urban areas fixed all over India and no development across state borders, the creation
exercises and supply chains are at stop. Lockdown assaults homegrown stockpile chains
through two channels:

 Cross country lockdown stops all creation exercises, in this way the worth added
creation instantly gets zero with the exception of certain fundamental products.

 The lack of data sources will drive serious withdrawals underway. This idle
deficiency of info might be inferable from the calculated hindrances or might be a
chain response of previous.

impact on supply of intermediate goods, supply chain disruption will also have an indirect
impact on IndianMSMEs.Notwithstanding supply stuns, Indian MSMEs additionally need to
handle work stun. The abrupt affirmation of lockdown set off the development of thousands
of traveler workers to their particular town who were stuck in urban areas with no food,
investment funds, sanctuary and occupations. Many are still adhered in urban communities
frantic to return to their towns. The organizations should handle the deficiency of work since
many will lean toward remaining at their towns with their families. The climate of
vulnerability has started a dread of returning to work among laborers. Furthermore, MSME
area works distinctively and significantly depends every day interest of its customer. With
individuals remaining at home there is an end in income of MSME area, which need more
liquidity to bring about their working expenses. . Wages of labourers account for a significant
portion of their operating costs. Because of the existence of production processes, which
involve physical presence of labour at the units, a change in work process by a transition to
work from home is not feasible for MSMEs. As a result, the units are compelled to pay,
salaries to their employees in times of near-zero labour utilisation and cash shortages
Notwithstanding supply stuns, Indian MSMEs additionally need to handle work stun. The
abrupt affirmation of lockdown set off the development of thousands of traveler workers to
their particular town who were stuck in urban areas with no food, investment funds, sanctuary
and occupations. Many are still adhered in urban communities frantic to return to their towns.
The organizations should handle the deficiency of work since many will lean toward
remaining at their towns with their families. The climate of vulnerability has started a dread
of returning to work among laborers. Furthermore, MSME area works distinctively and
significantly depends every day interest of its customer. With individuals remaining at home
there is an end in income of MSME area, which need more liquidity to bring about their

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working expensesAccording to a study, the decline in labor supply triggered by Spanish flu in
1918 raised wages and prices of goods and services by 5%7.

On Demand side, the purchasers are compelled to remain at home which has caused and
interest stagnation in the economy. in the midst of vulnerability the purchaser expects the
most noticeably awful result and afterward takes his choice dependent on this
suspicion. The utilization is simply restricted to fundamental merchandise with no use on
unimportant labor and products. This conduct isn't transient and will win in economy for a
significant timeframe particularly on account of unimportant products for example one of key
driver of total interest. The pandemic comes at the absolute worst second as the nation's
financial climate was brimming with pressures. As the development possibilities were
questionable, the economy was projecting a potential downturn. Nonetheless, the unexpected
stop of monetary exercises in the wake of Coronavirus pandemic clarifies that the Indian
economy is currently bound to observe an unavoidable .
Downturn. This time, however, the virus will determine the severity of India's recession.
Although the corona virus is paving the way for a recession, it is also preventing new job
lows. Salary reductions and layoffs would result in a general drop in company and consumer
trust. The customers will be pleased.
As a result, they would have less disposable income, which will have a negative effect on
demand. Furthermore, the negative effects of the manufacturing sector lockout and supply
shock will have ripple effects on investment, jobs, and wages, both of which will sharply
slow demand. As a result of the slow demand, price levels will plummet, which will lead to a
decrease in supply, all while adhering to basic economic principles. The culmination of these
intertwined shocks is a push. These interconnected shocks are ultimately pushing
economy into a downward spiral while souring the market of vulnerable MSMEs. The crown
set off request shockwaves are endless and go past the domain homegrown request. It will
normally spread and contaminate the worldwide interest situation. The Covid is additionally a
worldwide interest stun, fall in imports of different economies will be significantly upsetting
to trades receipts of India. The decrease in worldwide exchange will contrarily affect the
universally uncovered Indian MSMEs. Sending out MSMEs are more affected than Non-
trading MSMEs; are vulnerable to both disturbance in store network and loss of worldwide
business sectors. According to Directorate General of , Business Information and Statistics,
the portion of MSMEs in complete fares from India straightforwardly furthermore, by
implication is 48.10% FY 2018-19, almost 50% of India's exports8
The MSMEs send out industry is worth INR 6 Lakh crore. Sending out MSMEs which
represent 35 % of pearls/diamonds/ gems/Metals, 8% of electrical and hardware gear, 11% of
articles of clothes and 40% of different fares will end up in unstable circumstance with the
breakdown of the worldwide interest for their products. s India is key player in global generic
medicines supply. In the meantime, exporting MSMEs will be under immense stress
conscious of their weak financial position. Their capacity to continue their operations is
diminishing and their market is deteriorating day by day.

Miniature, Small and Medium endeavours, which have made more than 90% of the positions
in India, utilizing more than 114 million individuals and contributing 30% of the GDP
(Radhika Pandey, 2020), are at the danger of having an extreme money crunch if the
lockdown is reached out to about two months. Large numbers of these MSMEs have credit
commitments and month to month EMIs to pay. Large numbers of them may very well

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vanish if their money cycle is upset as a result of the lockdown, with fixed costs hanging over
them in such a circumstance. They need a ban for credit reimbursements. The Reserve Bank
of India has issued funds to non-banking financial companies, some of which lend to SMEs.
Furthermore, the transport of perishable goods is disrupted, resulting in significant losses for
these companies. Without a thriving MSME market, India will be unable to achieve real and
long-term prosperity.
The COVID-19 crisis would also put Indian start-ups to the test. Start-ups must rely on cross-
border fundraising to survive. Several entrepreneurs are seeing their companies come to a
halt. Receivables are spiralling out of control, forcing them to take painful cost-cutting steps
in their businesses. Because of the restricted global capital flows, the government would have
to make funds available to this sector. Venture capital firms may take a little longer to come
and help this sector.

FACTORS RESPONSIBLE FOR AFFECTING THE MSME’S DUE TO COVID-19

PANDEMIC:
 SHORTAGE OF MANPOWER
Associations across the State have encountered extraordinary labor force interruption.
Practically all organizations are as yet deciding how they will function in the short-
and long haul, as lack of labor exists, which has influenced the MSMEs undeniably.

 MARKET DEMAND
Owing to a stagnant economy and decreased retail demand, consumer demand trends
have shifted; supply chains have been disrupted and are under strain. Fundamental
shifts in consumer behaviour and market access have thrown MSMEs off balance in
the state as a result of the COVID-19 crisis.

 LACK OF PROVISIONS/INPUT MATERIALS

Little enterprises in the State have confronted a lack of crude material because of the
progressing cross country lockdown. Therefore there was a stop in the creation which
eventually influenced the whole store network. In this way, lack of crude material has
been a factor which unfavourably influenced the MSMEs during the pandemic.

 LOGISTICS
Because of lockdown, the production network has basically halted. Thus, shipments
lie forthcoming as plants and distribution centres were closed in a brief reaction to the
worldwide wellbeing crisis. The emergency has seriously influenced transport
administrations, both as far as market interest. Furthermore, in light of the fact that
cargo transport tasks, coordinations, and the creation of merchandise were so firmly
synchronized, these disturbances have immediately had a expanding influence on
trade, uncovering the delicacy of the whole production network.

 EXPORT ISSUES

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 Product sends out have imploded by more than 60% and imports contracted just
marginally less. The exchange breakdown was to be expected as the spate of
territorial, public just as lockdowns all throughout the planet have gouged request and
speculation, yet in addition seriously upset stock chains and delivery courses.

 SHORTAGE OF FUNDS
The MSMEs gaze at an absence of capital. Little endeavours are hit by zero income
due to the public lockdown. As there was an end in the creation and droop popular,
MSMEs can't pay their leasers. While the income age stays on hold, there are a few
costs that the MSMEs can't get their hands off, for example, pay rates of workers,
charge store, lease of stockrooms and office spaces, among numerous others.

 TEMPORARY SHUTDOWN
Working environment closure has been a main consideration in hitting MSMEs hard
during the COVID emergency as tasks get stopped because of inaccessibility of crude
materials and leave the ventures at a high danger of indebtedness. Thus, it is
characteristic that the lull or the brief closure is one of the central point that have
influenced the MSMEs in North Odisha.

 SHORTAGE OF MARKET CREDIT

The cross country lockdown has severely hit business supportability for the MSME
section due to the absence of incomes to meet their fixed expense. Business credits
were first hit by the abrupt stop in financial exercises, influencing the enterprises
excessively

LOCKDOWN’S IMPACT ON MICRO SMALL AND MEDIUM ENTERPRISES.

The lockdown influenced these little firms from both homegrown interest and supply side.
The unexpected breakdown of exchange additionally influences MSME area. India's top fares
including work concentrated items beginning from Gems and adornments to articles of
clothing/attire or ocean depths are mostly provided by MSME area. Likewise, the lockdown
influenced the imports of crude materials and intermediates which influence the production
network of MSME area. Subsequently, the COVID-19 will influence MSME area and
millions utilized in this area. Indeed, if the circumstance deteriorates and drags out for a
couple of months, numerous little and small firms may stop to exist as it would be hard for
them to endure and clutch their men and machines. On the other hand, the across the country
lockdown prompted a total freeze of financial exercises generally [6]. The fabricating firms
and administration giving firms were profoundly influenced by the COVID-19 pandemic. On
the other hand, the organizations under MSME area creating horticultural merchandise were
the most un-influenced due to the from one side of the country to the other lockdown. The
lockdown came about in a complete freeze of 60% of financial exercises that were completed
by the MSME area in India. In addition, as remarked by the scientist in his article [7], the
cross country lockdown unfavourably influenced the MSME area in India since a larger part
segment of business also, mechanical outlets of little business enterprises was closed down.
The lockdown brought about contortions in the store network for which it was getting hard
for business chiefs of MSMEs to obtain crude materials at moderate rates. 5].

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As confirmed, the motivation behind why the Indian MSME area neglected to endure the
danger of COVID-19 pandemic was that the Indian Government declared the cross country
lockdown inside a notification of short enough said. The MSME area was classified as
generally helpless against COVID-19 pandemic since laborers don't have the ability to tackle
the extraordinary emergency. Moreover, independent company ventures that involved the
MSME area in India endured huge misfortunes because of the lockdown since they needed to
run their customary business activities with just a modest bunch of workers. They lacked
management skills and had to deal with minimal financial resources to keep the company
running.The lockdown, on the other hand, exacerbated the difficulties that business
entrepreneurs in India's MSME sector were experiencing.

RELIEF STEPS EFFECT ON THE MSME SECTOR MARKET

PROSPECTS:
The examination featured that a higher number of MSMEs containing assembling and retail
firms have closed down their organizations incidentally during the cross country lockdown.
We dissected writing identified with the point tended to by this investigation. It was tracked
down that the help bundle was not adequate to make up for the misfortunes looked by
business visionaries of MSMEs in India. Besides, numerous individuals moved from country
districts to metropolitan locales looking for better open positions, which demolished the
circumstance.
In this exploration, an auxiliary subjective examination has been applied. With the guide of
an account topical portrayal dependent on the job of the help store and cross country
lockdown pandemic circumstance, we examined into the troublesome circumstance of the
Indian MSME area. Moreover, the arrangement of watchwords was acknowledged through a
Boolean table and a delineation of PRISMA assisted with characterizing the quest
methodology for this exploration. Different impression of the examination strategy were
additionally talked about. The outcomes showed that producers of both unnecessary products
just as fundamental merchandise endured misfortune near half during the pandemic.
Moreover, private ventures in India encountered an extreme compression in business because
of a negative development pace of net deals. It was examined that the system of giving
offices of credit would empower business people to embrace the most recent innovation, for
example, internet business. Plausible proposals included dispensing of credit ensure plans,
arrangement of sponsorships and expansion of residency of reimbursement of advances.
The government, on the other hand, has failed to recognise the value of providing relief in the
form of income support schemes to rural business entrepreneurs in the MSME sector [4].
After the nationwide lockdown was declared, several people lost their jobs. As a result, it was
critical for the Indian government to announce relief initiatives in the form of job guarantee
programmes to assist the unemployed.
Around half of firms under the MSME area in India saw a deficiency of 20-25% due
to absence of sufficient proportions of alleviation. Producers of both unimportant
merchandise what's more, fundamental products endured misfortune near half during the
pandemic. The edge of accumulated misfortunes shot up by strange edges as the Indian
Government neglected to take appropriate help measures for restoring the wellbeing of their
organization As indicated by an examination [16], the Indian Government comprehended the
force of the current circumstance and chose to take proper alleviation gauges in May 2020.
For model, programmed credits worth Rs. 3 lakh crore were reserved for the MSME area
against zero insurance. Borrowers with an yearly business turnover worth Rs. 100 crore

17 | P a g e
also, extraordinary obligation of Rs. 25 crore were qualified for award of the guarantee free
credit. Notwithstanding, preceding a declaration of designation of the credits, the Indian
MSME area had encountered significant issues due to baseless rivalry by global unfamiliar
organizations working in India.

WHAT POLICY DOES INDIA HAVE TO DEAL WITH THE CRISIS:

Examining other countries' policy responses to protect their economies during the pandemic
will be a good place to start. These policy responses can be generally classified into the
following categories, according to the International Monetary Fund's policy tracker (which
monitors main economic responses to the Covid-19 pandemic across 192 economies).

A. advance assurances and prompt liquidity arrangement;

B. credit augmentations and punishment waivers on reimbursement postponements and
C. financing cost decreases on future advances.

In accordance with the worldwide reaction, the Government of India sliced loan fees,
expanded cutoff points on Non-Performing Assets (NPAs) to forestall setting off
indebtedness, and offered instalments from the public a lot of Employee Provident Fund
(EPF) to stay away from cutbacks. A few driving banks have reported specific reason credits
at diminished rates for up to 10-20% of the organizations' functioning capital cutoff.
While these strategy measures are empowering, they are one-sided towards the bigger, and
more formal/coordinated firms. Nonetheless, the actions are lacking for the more modest,
casual/disorderly firms, which structure a dominant part of India's modern scene. As per the
Economic Census information, more than 95% of firms (more than 55 million firms) utilized
less than five specialists, and 94% were not enlisted with the public authority. Hence, it is far-
fetched that these little firms add to EPF and may not profit by the Government's
commitment to EPFO.
Furthermore, over 81% MSMEs are self-financed with just around 7% getting from formal
foundations and government sources (Economic Census, 2013). Credit market mediations
(less expensive advances, expanded cutoff points on NPAs) subsequently may not profit this
area straightforwardly. Since most MSMEs fundamentally work on cash, they require quick
liquidity to adapt to unfavourable occasions. Besides, numerous miniature endeavours are
little, family run organizations.
Given that different areas of the economy and specifically, occasional movement and
agribusiness, are seriously hit by the lockdown, permitting these miniature undertakings to
work easily could significantly help families adapt to this financial stun. Subsequently, more
straightforward proportions of liquidity might be the need of great importance, like the
activity of the Confederation of Indian Industries (CII) that sets up an asset focused on
straightforwardly at facilitating the liquidity imperatives of MSMEs. Finally, MSMEs are
spatially concentrated, with about 30% of MSMEs based in Uttar Pradesh and West Bengal,
and about 75% of MSMEs based in ten states. As a result, both the state and the federal
governments must work together. Supply-side measures, such as improving MSMEs' supply
chains, can also aid them in weathering the storm.
Guaranteeing that the MSME area approaches crude materials and strong downstream stock
chains would not just assistance moderate creation deficiencies in the wellbeing what's more,
the fundamental products area, however given its size, additionally conceivably log jam the
unfriendly effect on the Indian economy in general. The Government of India has effectively
engaged MSMEs delivering clinical and other fundamental items to enrol and sell in the
Government's e-commercial centre. This ought to be extended to different areas too with co-

18 | P a g e
appointment across various states to fulfill neighbourhood supply and need prerequisites.
While Indian policymakers face the extreme assignment of containing a general wellbeing
pandemic just as defining quick approaches to shield the most powerless from its unfriendly
financial impact, a submitted reaction to help the MSMEs is fundamental, inescapable and
key to facilitating the effect of Being out of the conventional organization, they don't need to
look after accounts, make good on charges or hold fast to administrative standards and so on
This cuts down their expenses.

THE GOVERNEMNT OF INDIA (GOI) HAS TAKEN STEPS TO

SUPPORT MSME’S:

Changing the MSME definition: The low threshold limit in the MSME definition has caused
fear, and they have not expanded their company because they believe that if they do, they will
lose their eligibility for MSME benefits. After a long period of anticipation, the government
has revised the MSME concept.

COLLATERAL FREE AUTOMATIC LOANS:

The public authority has reported 3 lakh crores insurance free credits to meet operational risk
and purchase crude material and restart business till 31st October2020. 45 lakh units will
continue business movement and defend occupations. MSMEs whose outstanding to Rs 25
crore and turnover 100 crore are qualified to profit such benefit.
SUBORDINATE DEBT FOR STRESSED MSME’S:
For focused on MSMEs, arrangement of 20000 crore as subordinate obligation has been
made. Around 2 lakh MSMEs are probably going to profit. Those MSMEwhich are NPA or
are focused will be qualified to profit this benefit.4:

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EQUITY INFUSION THROUGH FUND OF FUND:
Accessing of account is continually being a major hurdle for MSME. To defeat this issue Rs
50000 crore value imbuement for MSME has been arranged through asset of asset. Asset of
Fund with corpus of Rs 10000 crores will be set up. It will help to grow
MSME size just as limit and will urge MSMEs to get recorded on main leading body of stock
trade.

GLOBAL TENDERS TO BE DISALLOWED UPTO 200 crore to conquer uncalled for

rivalry from foreign organizations. This will be incredible move towards Self-Reliant India
and backing Make in India
MARKETING AND LIQUIDITY HELP:
:e-market linkage for MSMEs has been elevated to go about as replacement for exchange
fairs and shows. Fintech will be utilized to upgrade exchange based lending utilising the
information created by the e-commercial centre. MSME receivables will be released within
45 days.

2500 CRORE EPF SUPPORT FOR BUSINESS AND WORKERS FOR 3 MORE
MONTHS:
Under Pradhan MantriGarib Kalyan Package (PMGKP), instalment of 12% of manager and
12% employee contributions was made into EPF accounts before for compensation long
stretches of March, April and May2020. This help will be reached out by an additional 3
months to compensation long periods of June, July andAugust 2020

REDUCTION IN EPF CONTRIBUTION:

To boost performance over the next quarter, both the employer and employee statutory PF
contributions have been reduced to 10% each from the previous 12 percent over the next
three months. This scheme would apply to staff who are not eligible for the PM Garib Kalyan
Package's 24 percent EPF support. This will offer 6750 crore in liquidity to employers and
employees over the next three months.

LIQUIDITY THROUGH TDS/TCS RATE REDUCTION:

To put more money in the hands of taxpayers, the rates of Tax Deduction at Source (TDS) for
non-salaried specified payments made to residents, as well as the rates of Tax Collection at
Source (TCS) for specified receipts, would be reduced by 25%. This will release Rs 50000
crore in liquidity.

DIRECT TAX MEASURE:

All outstanding refunds to charitable trusts and non-corporate companies and occupations,
such as sole proprietorships, partnerships, limited liability partnerships, and co-operatives,
will be given immediately. • The deadline for all income tax returns for FY 2019-20 will be
extended from July 31, 2020 and October 31, 2020 to November 30, 2020, and the deadline
for tax audit will be extended from September 30, 2020 to October 31, 2020.

20 | P a g e
POLICY RECOMMENDATIONS
Given India's poor fiscal position, the government must help businesses open as soon as
possible and in stages. Supportive policies must take into account demand, supply, and labour
shocks, and they must be customised to the specific challenges that each country faces.

MSMEs are small and medium-sized businesses. However, the policy structure that supports
it might think about implementing the recommendations.
1. Compensation backing can be given to work escalated MSME units to boost them to hold
their representatives and to stay away from giant number of cutbacks by firms. The public
authority can offer to pay a piece of wages to the workers which will alleviate the monetarily
burdened MSMEs from colossal responsibility. Moreover, such compensation support
strategy will likewise give fundamental pay backing to workers in such exceptional
occasions. The compensation/wages of distinguished beneficiaries could be straightforwardly
moved to their Jan Dhan accounts.

2. While tending to the liquidity crunch, the public authority ought to urge banks to increment
portion of loaning to MSME area with level financing costs that would let loose their
consideration from liquidity deficiencies with the goal that they could zero in on their centre
business. Moreover, they should be offered postponement from instalments like power
charges, water charges, local charge and so forth Likewise, they should be permitted to
concede from credit instalment with no punishment until the request of economy is fairly
reestablished and instalment pattern of economy is in the groove again.
The most noticeably terrible hit MSMEs associated with fares could be given an expense
occasion and medium to long haul credit with 4-6% loan cost.

3. Import duties should be reduced by the government to protect MSMEs from the rising
costs of imported inputs. In addition, the Indian government should take policy steps at
international forums such as the G20 to resolve the global trade slowdown.
collective action and communication.In such uncommon occasions, the approach backing
ought to be all around focused given the restricted boost sum. Be that as it may, as of now the
public authority has no precise information on MSMEs depends on Fourth MSME statistics
directed in 2006-07. In future before any drawn out approach plan, the government should
lead the statistics of MSME since the public authority has changed the meaning of MSMEs
dependent on ventures level as of late while announcing the subsequent upgrade bundle. A
precise information on MSMEs is perquisite for clear cut approach plan and well directed
arrangement execution to catalyse the recuperation of spine of the economy.

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 CHAPTER-2

LITERATURE REVIEW

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LITERATURE REVIEWS:

S. MAHENDRA DEV AND RAJESWARI SENGUPTA IN THEIR STUDY

CONCLUDED THAT:
Coronavirus has represented an uncommon test for India. Given the enormous size of the
populace, the unstable circumstance of the economy, particularly of the monetary area in the
pre-Covid-19 period, and the economy's reliance on casual work, lockdowns and other social
removing allots are turning to be immensely troublesome. The focal and state governments
have perceived the test and have reacted however this reaction ought to be only the start. The
inevitable harm to the economy is probably going to be essentially more regrettable than the
current assessments. On the interest side, the public authority needs to adjust the pay support
needed with the need to guarantee the financial circumstance doesn't go crazy. The
equilibrium struck so far is by all accounts a sensible one yet the public authority needs to
track down a more prominent degree for supporting the livelihoods of poor people.
Association of the state and neighbourhood governments may likewise be critical in the
compelling execution of additional monetary activities. Strategy producers should be set up
to increase the reaction as the situation transpire to limit the effect of the stun on both the
formal and casual areas and make ready for a supported recuperation. At the equivalent time
they should guarantee that the reactions remain cherished in a standards based system and
cutoff the activity of tact to stay away from long haul harm to the economy. Moreover, the
circumstance of world exchange will break down further. The effect of Coronavirus actuated
downturn will be more on world exchange than development rates. During 2008 Global
Financial Crisis, there was an extraordinarily sharp withdrawal in worldwide exchange
volume and irregularities of such downturn initiated exchange withdrawals is that they are
not present moment and keep going for over a year. This conduct of world exchange has been
normally seen in different downturns too. World exchange will perhaps hold fast to this
conduct in crown prompted downturn. As a-consequence, Millions of migrant laborers will
lose their livelihood. With sustainability of MSMEs
at stake the prospects of economic development of India presents a very gloomy picture
considering MSMEs contribute about 30-35% to the GDP. Corona virus, with its triple crisis
(demand, supply, and labour shortages), would undoubtedly escalate a slew of issues in the
vulnerable MSME market. Corona virus's multifaceted effect on MSMEs' cashflow will
result in the permanent closure of a large number of units. Millions of migrant workers will
lose their jobs as a result of this. The chances of MSMEs' long-term viability are jeopardised.

ANUKARSH SINGH IN HIS STUDY CONCLUDED THAT:

In spite of being deadly to the Indian economy, the Covid openings the chance for India
to arise as a Global Manufacturing Hub while understanding its Make in India strategy in
evident sense.
India can exploit the adjustment of worldwide standpoint of China's assembling area
following the flare-up of Covid, and become visible as an elective assembling objective while
continuously slicing spillages to China through accomplishing independence in assembling of
data sources. India ought to endeavour to accomplish independence underway of
contributions to similar style as India advanced to accomplish independence in food grain
creation during the underlying five-year plans.
This should be possible through recognizing the imported sources of info and working with
the foundation of MSME units of such parts. The development possibilities of MSMEs are
high and they have the limit of moving India out of downturn gave the public authority

23 | P a g e
should sustain them very much like a bird takes care of an infant bird as the economy limps
back to routineness. In the end, actually like sustained infant birds these MSMEs will spread
their wings and fly while driving the Indian economy towards new highs of development rate.

DR DIMPLE RANI IN HER STUDY CONCLUDED THAT:

The spiralling and inescapable COVID-19 pandemic has twisted the world's flourishing
economy in flighty and equivocal terms. However, it essentially demonstrated that the current
slump appears basically unique in relation to downturns of the past which had shocked the
country's monetary request. Though the countries, combinations, enterprises and
multinationals keep on understanding the extent of the pandemic, it is without a doubt the
need of great importance to get ready for a future that is manageable, fundamentally more
reasonable for living also, working.

PRAVAKAR SAHOO IN HIS STUDY CONCLUDED THAT:

The boost gauges so far are around 10% of GDP which is a welcome advance when the
economy has halted. Given the assessed drop out of COVID-19 on Indian economy, the
public authority ought not stress over the financial guideline and go all out in receiving
counter repetitive monetary measures to prevent things from turning sour to more terrible. It
is the ideal opportunity for enormous activities to help firms which rely upon the homegrown
economy as well as on global exchange. Government additionally needs to guarantee that the
improvement measures are all around aimed at a portion of the most exceedingly awful
influenced areas like assembling, development, travel, transportation, the travel industry,
lodging, and so forth Firms in most noticeably terrible influenced areas are enduring due to
close down of industrial facilities, breakdown of worldwide interest, retractions of orders,
delays in shipments, and so on Thusly, these organizations need support as interest free
working money to take care of their compensation expense and fixed expense (lease and
premium) to make due during these difficult stretches. The monetary bundle has given credit
ensure yet now is the right time presently to support request so that there is credit take-up.
MSME area is work concentrated and life line of India's assembling and exchange, and the
area is gravely influenced by the interruptions to both organic market basically because of
homegrown and worldwide lockdowns. Aside from credit and other monetary motivators, the
need of great importance is to help firms, business and financial action to get back on
operational mode. The monetary effect of COVID-19 pandemic is tremendous and it would
require a humongous exertion with respect to the public authority, industry, common society
and all critical partners to guarantee that the Indian economy recuperates adequately and
soon. The investigation has further degree to complete the effect appraisal of Indian economy
at more disaggregate level.

ARUNDHATI ROY IN HER STUDY CONCLUDED THAT:

In this exploration, an auxiliary subjective examination has been applied. With the guide of
an account topical portrayal dependent on the job of the help store and cross country
lockdown pandemic circumstance, we examined into the troublesome circumstance of the
Indian MSME area. Moreover, the arrangement of watchwords was acknowledged through a
Boolean table and a delineation of PRISMA assisted with characterizing the quest
methodology for this exploration. Different impression of the examination strategy were
additionally talked about. The outcomes showed that producers of both unnecessary products
just as fundamental merchandise endured misfortune near half during the pandemic.

24 | P a g e
Moreover, private ventures in India encountered an extreme compression in business because
of a negative development pace of net deals. It was examined that the system of giving
offices of credit would empower business people to embrace the most recent innovation, for
example, internet business. Plausible proposals included dispensing of credit ensure plans,
arrangement of sponsorships and expansion of residency of reimbursement of advances.

RAMESH PRASAD IN HIS STUDY CONCLUDED THAT:

Pretty much every country on the planet is being influenced from crushing flare-up of Covid-
19. The most remarkable economies nations have gotten defenceless, circumstance has gotten
wild. However, the skip back by taking fast and opportune choice by India is truly obvious.
we can't neglect the overwhelming effect of Coronavirus yet on the off chance that we
contrast India and some created nations like USA or Italy whose correlation clearly isn't
defended yet on the off chance that we dissect, India is in an excess of better position. This is
a result of fast lockdown of nation, giving more consideration towards social separating. To
extraordinary degree India needs to contain the spread of infection till now. On the off chance
that India didn't take fast choice, effect of the pandemic is as a rule increasingly perilous and
representation of its effect will be truly stunning in coming future. Each area is being
influenced because of the pandemic. Be that as it may, regardless of whether India will
endure the outcome of the Covid-19 pandemic in not so distant future. The amount it will
require some investment to return the track of development is unanswered. India has
effectively experienced joblessness and this will be additionally broadened. From each
episode of life we gain some new useful knowledge it could be positive or negative or both.
This positive thing is that, from this pandemic India can break down its latent capacity. India
is an excess of ward on different nations for bringing in products, how India has handled the
present circumstance by home sourcing course of action rather than import from other
country. This will advance BOP circumstance of India somewhat. Work from home idea is
going to being new culture of India. Thus utilization of advanced practice will be expansion
in not so distant future. Make in India and Digital India will be empowering more. There will
be a major stun for new business visionary and start up, they may be closed down. Some
independent ventures will be evaporated.

DR DEBDAS RAKSHIT AND ANANYA PAUL IN THEIR STUDY CONCLUDED

THAT:
The MSME area is the spine of the Indian economy that empowers the financial climate to
advance jump and limits. Inferable from its gigantic commitment to work age, Indian GDP,
fares, and creation, it is considered as the driver for development of the Indian economy. As
the wide-going impacts of Coronavirus are proceeding to unfurl, the area is faltering under
emergency since every one of the exercises have gone to a sudden end. Consequently, the
MSMEs need to endeavour against this financial strife by outlining legitimate techniques and
embracing mechanical changes to support during this violent period. Thusly, this paper set
forward the repercussion of Coronavirus in the MSME area in India and features the systems
which are fundamental to conquer the current circumstance. What's more, a few ideas have
been listed beneath which will help the MSME area to create.

SWAYAM CHAYANIKA RATH AND PRIYANKA DAS IN THEIR STUDY

CONCLUCED THAT:

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The continuous COVID-19 pandemic has caused the Micro Small and Medium Enterprise
(MSME) area to confront uncommon difficulties since this area have a lot of lower stores of
liquidity and less admittance to credit. The cross country lock down since 24th March 2020 is
subsequently, unquestionably bound to crush the spirit of MSME area. In any case, according
to the study report we can presume that the MSME area of North Odisha end up being tough
enough &stood tall against the difficulties looked by the pandemic and has been influenced
less significantly as lion's share of the members doesn't have the danger of perpetual
conclusion of their business. The main consideration that has influenced the
business of the MSME area is impermanent closure of their undertakings, at last influencing
the incomes. Numerous undertakings have required their business extension and development
intend to be postponed to better plan and many have discovered imaginative strategies for
differentiating into new business exercises to adapt to the emergency. An enormous number
of respondents are confident that diminishing the creation of labor and products as their
present activity plan will assist them with defeating the emergency. In spite of the fact that
the Government has taken different activities to assist the MSMEs to adapt to the emergency
it is discovered that practically 50% of the respondents don't know about it and lion's share of
the members have not yet benefited the plans. This implies less reliance of the venture on the
Government, a way of thinking, which NOCCi has faith in. Countless taking an interest
undertakings discovered the plans declared by the Government under "ATMANIRBHAR
BHARAT" for MSME area valuable even without profiting the equivalent, furthermore, have
exceptionally liked the insurance free programmed credits and changed meaning of MSMEs
plans.

DR MADHURYA CHETIYA IN HER STUDY CONCLUDED THAT:

The MSMEs which assumes an essential part the Indian economy as far as work and
furthermore recorded a high pace of development since freedom regardless of hardened
rivalry from the huge area and not really empowering support from the legislatures. And yet
these MSMEs are confronting specific sort of bottlenecks like discriminatory allotment
arrangement of scant crude materials and imported parts, absence of arrangement of credit
and money, low degree of working capital, low specialized and administrative expertise, and
absence of activity towards improving innovation. Along these lines to beat such troubles
certain endeavours should be taken towards improving innovation, in-house mechanical
advancement, advancement of bury firms linkages, improvement of monetary foundation and
emotionally supportive network. So we can presume that Caring of this arising area implies
caring the economy with regards to episode of Covid-19 pandemic.
BHATTACHARYA (JUNE 2020 ) SAYS:
“When the Indian government declared a nationwide lockdown in March, the $ 130 billion
outsourcing industry was one of the least prepared to transition to a work-from-home model.
The industry, which employs over 4 million people in India, has been operating on a
makeshift hybrid system for the past two months.Many employees operated remotely, but
many were required to come into the office.
RASTOGI (2020) SAYS:
“Covid-19 would alter the way the world operates in the same way as the Great Depression,
the dot-com bubble, and the 2008 financial crisis did in the past. "Will things return to
normal?" is the question on everyone's mind. Like many others, I have been wondering what
profound changes will occur in the way individuals, industries, and economies operate. The
next 12 months will be challenging. Many companies would face difficulties.

26 | P a g e
THE ECONOMIC TIMES ( JUNE 2019 ) SAYS:
" Union Minister Nitin Gadkari on Friday invited the declarations for MSMEs in the Budget
and said his service has chosen to raise the area's commitment to 50% of the country's GDP
in the following a long time from 29% as of now and give occupations to 15 crore
individuals. "The claim to fame of this Budget is that our limited scale and medium-scale
ventures have gotten greatest support. MSMEs have a commitment of 29% in our nation's
GDP and the office has concluded that we will build the commitment to 50 percent of the
GDP," said Gadkari, Union Minister for MSME and Road, Transport and Highways."

JINKIN MOU IN HIS STUDY CONCLUDED THAT:

The COVID-19 is spreading quickly all throughout the planet. Worldwide GDP will fall by
as much as 3%, while non-industrial nations will be the hardest hit, however much 4%
overall, yet some were more than 6.5% and world product exchange will dive by somewhere
in the range of 13 and 32% in 2020 because of the COVID19 pandemic. In the first place, this
paper looks at the effect of COVID-19 on worldwide GDP with the financial emergency in
2009 and analyses the adjustments in import and fare sum influenced by the pandemic.

THANKOM GOPINATH ARUN IN HIS STUDY CONCLUDED THAT:

We examined the Covid flare-up and the overflow to the worldwide economy which set off
the worldwide downturn in 2020. Strategy creators in numerous nations were feeling the
squeeze to react to the Covid flare-up. Thus, numerous administrations settled on quick
strategy choices that had extensive positive and adverse consequences on their separate
economy – numerous nations dove into a downturn. Social removing arrangements and
lockdown limitations were forced in numerous nations, and there have been contentions that
such friendly approaches can trigger a downturn. Our discoveries in area 5 showed that a 30-
day social separating strategy or lockdown limitation harms the economy through a decrease
in the degree of general monetary exercises and through its adverse consequence on stock
costs.
Our investigation has a few limits. The principle impediment of this exploration paper is the
brief time of investigation because of restricted dataset. A more extended investigation period
may catch the financial outcomes of government approaches during the Covid emergency.
Likewise, as future situation unfurl, there could be overflows to different areas that we didn't
investigate in this examination. Future investigations on overflows could be reached out to
two bearings. In the first place, future investigations can analyse the effect on government
strategy on the casual economy. Second, it is critical to investigate how banks and monetary
organizations respond to financial arrangement advancements during the Covid emergency

MCKIBBIN AND FERNANDO IN THEIR STUDY:

utilised the computable general equilibrium (CGE) modelling and reported that global GDP
would be reduced by around US$2.4 trillion in 2020 under a low-end pandemic considering
the Hong Kong Flu as a reference point. However, the fall can extend to the tune of over
US$9 trillion in 2020 in case of a serious outbreak similar to the Spanish flu. Ozili and Arun
(2020) noted the spill over effects of COVID-19 and hailed that the social distancing measure
of virus controlling led to the shutdown of financial markets, corporate offices, businesses
and events which in turn may have significant impact on economic growth.

27 | P a g e
 CHAPTER -3

RESEARCH

METHODOLOGY

28 | P a g e
WHAT IS RESEARCH METHODOLOGY?
Research methodology is the way through which analysts need to direct their exploration. It
shows the way through which these scientists detail their concern and level headed and
present their outcome from the information got during the examination time frame. This
exploration plan and approach section additionally shows how the examination result toward
the end will be acquired in accordance with meeting the target of the investigation. This
section subsequently examines the exploration strategies that were utilized during the
examination interaction. It incorporates the exploration procedure of the examination from
the exploration methodology to the outcome scattering. For accentuation, in this section, the
creator diagrams the examination system, research configuration, research technique, the
investigation region, information sources, for example, essential information sources and
auxiliary information, populace thought and test size assurance, for example, surveys test size
assurance and work environment site openness estimation test assurance, information
assortment strategies like essential information assortment strategies including work
environment site perception information assortment and information assortment through
work area audit, information assortment through polls, information got from specialists
assessment, working environment site openness estimation, information assortment devices
pretest, optional information assortment strategies, strategies for information investigation
utilized like quantitative information investigation and subjective information investigation,
information examination programming, the dependability and legitimacy investigation of the
quantitative information, unwavering quality of information, unwavering quality
examination, legitimacy, information quality administration, incorporation standards, moral
thought and scattering of result and its usage draws near. To fulfill the targets of the
investigation, a subjective and quantitative exploration strategy is caught by and large. The
investigation utilized these blended methodologies in light of the fact that the information
were acquired from all parts of the information source during the examination time.
Accordingly, the reason for this procedure is to fulfill the examination plan and target
conceived by the scientist.

RESEARCH DESIGN
The current research uses secondary data to determine the effect of COVID-19 on the Indian
economy with reference to MICRO SMALL AND MEDIUM ENTERPRISES (MSME). The
data comes from National Account Statistics reports, a ministry of statistics and programme
implementation (MOSPI) publication; the Reserve Bank of India's Handbook of Statistics on
Indian Economy and Monthly Bulletin; and the Ministry of Commerce's Export–Import
Database. Secondary data is used to gather information from different optional sources. Data
was collected from many different publicly available sources which consisted of information
of death counts and confirmed cases and how it is affecting their economy(of different
countries). This incorporates reports and undertaking archives at each assembling areas (more
on medium and huge level). Auxiliary information sources have been acquired from literary
works with respect to OSH, and the leftover information were from the organizations'
manuals, reports, and some administration records which were incorporated under the work
area audit. Legitimate diaries, books, various articles, periodicals, procedures, magazines,
pamphlets, papers, sites, and different sources were considered on the assembling modern
areas. The information additionally got from the current working archives, manuals,
techniques, reports, factual information, strategies, guidelines, and principles were considered
for the research.

29 | P a g e
By and large, for this exploration study, the work area survey has been finished to this end,
and it had been cleaned and adjusted upon manuals and archives acquired from the chose
organizations.

OBJECTIVES OF THE STUDY:

 TO KNOW ABOUT COVID -19 PANDEMIC.

 TO KNOW THE VARIOUS POLICIES NEEDED TO COMBAT THIS
SITUATION.
 TO SEE HOW COVID-19 CRISIS AFFECTED THE INDIAN MSME SECTOR.
 TO RECOMMEND THE MOST EFFECTIVE REMEDIAL STEPS FOR THE
MSME SECTOR .
 of the MSME
 ASSESS THE IMPACT OF COVID-19 ON MSME SECTOR
OF DEMAND CHAIN AND SUPPLY CHAIN
 AN OVERVIEW OF INDIAN ECONOMY AND MSME SECTOR PRIOR TO
COVID-19.
 TO KNOW THE STEPS GOVERNMENT TOOK FOR MSME SECTOR TO GIVE
A RELEIF IN THIS TOUGH PANDEMIC TIMES.
 MOREOVER CERTAIN SUGGESTIONS ARE PROPOSED THAT MAY HELP IN
THE DEVELOPMENT OF THE MSME SECTOR IN INDIA.

SCOPE OF THE STUDY :

1. This research focuses on the COVID-19 problems faces by MSME sector in India
2. Mostly all the sectors of the Indian economy were impacted by the COVID-19
pandemic.
3. The economic downturn has begun and is expected to worsen rapidly.
4. We welcome submissions in all of these fields, and we plan to cover MSME sector of
INDIA.

LIMITATIONS OF THE STUDY:

Our analysis has some flaws that can be exploited in future studies:

1. To begin with, this study can only be considered preliminary, and further follow-up
tracing investigations at various stages are needed to track the pandemic’s ongoing
effects.
2. More surveys should be conducted to determine the effect of COVID-19 on other
cultural, social, and governmental structures.
3. The source of data collection is secondary data, Secondary data may be broad and
ambiguous. It is possible that the details and data are not right.

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4. The information may be outdated.

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 CHAPTER – 4

DATA ANALYSIS AND

INTERPRETATION

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At current prices, MSMEs make a significant contribution to the country's economy.
TABLE 1:

Source: Central Statistics Office (CSO), Ministry of Statistics & Program Implementation.

INTERPRETATION:
The National Board for Micro, Small and Medium Enterprises (NBMSME) was founded by
the Government of India under the Micro, Small and Medium Enterprises Development Act,
2006, to investigate the factors affecting MSME promotion and development. This board also
examines current policies and makes recommendations to the government to help the MSME
sector expand.

TABLE 2:NUMBER OF ENTERPRISES AND EMPLYMENT PROVIDED BY

MSME.

INTERPRETATION :

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Following the implementation of the MSMED Act, the Indian economy has seen a
considerable increase in the number of businesses and jobs created, as well as a contribution
to the country's GDP growth.
As shown in the table, the number of MSME units increased from 361.76 lakhs to 510.57
lakhs over a ten-year period, representing nearly a hundred percent growth. We may deduce
from the table that MSME-generated job opportunities have increased by more than 50% in
the last ten years.

FIGURE 1:

GROWTH OF MSME’S IN INDIA:

FIGURE 2 :

PROPORTION OF MSME’S IN INDIA:

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FIGURE 3:

INTERPRETATION:
In the figure, size of air pocket(bubble) mirrors the size of middle of the road merchandise
import and the thickness of bolts addresses volume of two-sided exchange streams. Little
exchange streams are avoided for clearness. China, the focal point of Covid is additionally
the focal point of stream of halfway merchandise.
China is viewed as workshop of the world assume a significant part in organization of
worldwide exchange and creation. For Indian MSMEs with no different other options, China
is a significant and sole provider of certain fundamental Industrial information sources and
segments. MSMEs will be hard-hit by deficiency of crude material and their taking off costs.
They will think that its harder to procure imported essential mechanical contributions because
of port limitation and vessel requirements. Also, the deteriorating conversion standard will
further make then costly and add to their expense. Furthermore, supply chain instability
would have an indirect effect on Indian MSMEs, in addition to the direct impact on
intermediate goods supply. For example, China could export an electrical part to Japan,
which could be a valuable commodity.crucial part for the manufacture of an electrical
system, which is imported at the end of the supply chain by an Indian MSME manufacturing
a consumer durable product. The longer the crisis last, the more difficult it will be for global
supply chain network to bounce back.

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FIGURE 4:

INTERPRETATION:
Among Covid-19 nations, USA, China, Singapore, Hong Kong and UAE are significant fare
objections for India. The worth of fares to these nations is considerable, generally about 38%
of all out trades income. All things considered, these nations are on various lockdown stages
which has prompted a worldwide interest lull which will close down one of development
motor of Indian economy for example trades and debilitate the foundation of Indian economy
supporting fares for example MSMEs.

FIGURE 5:

 GROWTH RATE OF MSME :

INTERPRETATION:

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It is clear from the figure that the GVA of MSME area has developed with more than 7%
during 2015–2017 and taking the triennium normal completion in FY 17, the MSME area
would have developed with the rate 6.74 percent in the typical case situation. Nonetheless,
with the COVID-19, the development can boil down to the degree of 3.14 under no doubt
situation B, and can go further lower to 1.7 percent in the event of cynical situation.

FIGURE 6:

 DECLINE (%) IN MSME SECTOR

SOURCE: Authors computations based on MSME annual report 2018–2019, Ministry

of MSME.
INTERPRETATION:
According to assessment, India's MSME area can expect a decay of 2.1 percent under
situation An and this misfortune can increment to 5.7 percent if there should be an occurrence
of situation D. The misfortune is more slanted in assembling area to the tune of 3.5 percent in
situation An and 8.3 percent in the situation D. MSMEs managing in exchange and different
administrations exercises can bear the decrease in GVA in the scope of 1.4–4.5 percent.

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FIGURE 7:
Share of employment (in lakhs) in rural and urban MSME sector:

INTERPRETATION:
In the rural manufacturing MSME market, there are 186.56 lakh people working, as shown in
Figure.

The urban MSME sector employs 173.86 lakh people. In 2019, the population involved in
trading services in the MSME sector in rural India was 160.64 lakhs, while the population
involved in trading services in the urban MSME sector was 224.54 lakhs.

FIGURE 8:

INTERPRETATION:
73% businesses reported a decrease in customer footfall

FIGURE 9:

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INTERPRETATION:
Nearly half the enterprises reported a decrease in volume of supplies.

FIGURE 10:

INTERPRETATION:
Enterprises that reported a decrease in volume of supplies; the decrease is of a median value
of 40%.

“My shop is open and business is running, but the footfall has gone down
drastically. Everyone is afraid that the police will beat them up if they step out
during the lockdown. Only those who desperately need medicines visit my
shop.” – a medical shop owner from a rural area
“Sales are down by more than 75% since last month. Retailers are demanding
tea but I am unable to supply to them as transport options are not available.” - a
female tea distributor from a semi-urban area

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INCOME HAS BEEN HARMED AS A RESULT OF DISRUPTED
SUPPLY CHAINS.

The costs of doing business have remained relatively unchanged. However, an increase in
transportation prices for about a third of the businesses suggests that there will be disruptions
in the market the supply chain.
FIGURE 11:

INTERPRETATION:
37% of enterprises reported an increase in transportation costs by a median of 20%

FIGURE 12:

INTERPRETATION:
Changes in supply distribution after COVID 19: 77 percent of businesses must go pick up all
of their supplies.

Although MSMEs' total income has decreased, panic buying or bulk

purchases from consumers have helped to offset the effect for some
businesses.

FIGURE 13:

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INTERPRETATION:
3/4 of the businesses announced a drop in revenue.
Female-owned businesses were more likely to experience a decline in profits. 82 percent of
female-owned businesses registered a drop in revenue, compared to 72 percent of male-
owned businesses men's property

“I used to earn around INR 5,000-7,000 (USD 67-93) per day,

now it is only INR 2,000 (USD 27) per day.” - a medical shop
owner from a rural area.
“These days I am not able to get new orders from customers as
they cannot travel to deliver clothes for stitching.” – a female

FIGURE 14:

INTERPRETATION:
Nearly half of the businesses showed an increase in revenue per customer as a result of bulk
buying: a median 40% increase for urban businesses and a 20% increase for rural businesses.
15% for semi-urban businesses, and 15% for rural businesses.In rural, semi-urban, and urban
areas, however, consumer footfall has declined for all businesses.

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 “Some of my customers have started buying in bulk now to
stock up during the lockdown period.” - a tobacco and snacks
trader based in an urban area

CASH FLOW HAS BEEN HARMED BY A DECREASE IN THE

AVAILABILITY OF SUPPLIER CREDIT AS WELL AS PENDING
RECEIVABLES AND A RISE IN THE COST OF SUPPLIES.

FIGURE 15:

INTERPRETATION :
While 74 percent of businesses said they were in the same position as before when it came to
getting credit from suppliers, 25% said they were having difficulties. Qualitative data
suggests that receivables from customers are frozen on the one hand and customers have
stopped advance orders on the other hand.

“I had some customers who would pay their pending credit on a

weekly or a monthly basis. It has been more than a month now
since I have received any payments from them.” – a tobacco and
snacks trader from an urban area

FIGURE 16:

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INTERPRETATION:
A rise in the cost of supplies was recorded by 43% of businesses. Businesses that recorded an
increase in supply costs also reported a median 50 percent drop in revenue.

DUE TO POOR CASH FLOW BUSINESSES HAVE BEEN FORCED TO

DIP IN THEIR RESERVES

FIGURE 17:

INTERPRETATION:
One-fourth of the businesses polled said their household expenses had increased.

FIGURE 18:

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INTERPRETATION:
Businesses that registered an increase in household expenditures, with a median increase of
23 percent.

“My business closed down after the lockdown. Since only

essential goods and medical shops are allowed to function. All
my savings are being used to meet household expenses now.”
– a sweet shop owner from an urban area

“We have family savings that we depend on. These emergency

savings will last for a only a few months. I do not know how
long the COVID-19 lockdown will continue.” – a female tailor
from a rural area

“I am currently using my savings to meet my business

expenses. I think I can sustain for 5-6 months, after which I
will need support from the government and financial
institutions.” – a garment trader from an urban area.

IN ORDER TO DEAL WITH THE CRISIS, BUSINESSES HAVE BEGUN

SEARCHING FOR WAYS TO CUT THEIR COSTS WHILE
INCREASING SALES.

FIGURE 19:

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INTERPRETATION:
Around one-fourth of the respondent entrepreneurs have started selling new
products and services to cope with the crisis.

FIGURE 20:

INTERPRETATION:
Around 26% enterprises :reported a reduction in staff to almost zero

To maintain cash flow, a few MSMEs have increased the price of products
and limited credit sales.
FIGURE 21:

INTERPRETATION
46% of enterprises reported an increase
in price of goods sold

FIGURE 22:

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INTERPRETATION:
14% of enterprises reported a decrease in credit to customers.

Digital innovations have been increasingly used by businesses to maintain

company processes while adhering to containment measures.

FIGURE 23:

INTERPRETATION:
Almost a third of businesses have begun to interact and accept business orders through social
media platforms such as WhatsApp and Facebook.

FIGURE 24:

INTERPRETATION:

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More than half of the respondents have increased the usage of digital payments. The
pandemic has prompted a surge in the use of digital payments in both urban and rural areas.
About 60% of those polled said the percentage of people who smoke has decreased.

Transactions in cash
However, the majority of business owners continue to accept cash.
This is either to retain liquidity or to meet the demand for cash transactions from customers.

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CHAPTER-5

RESULTS AND
DISCUSSIONS

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MAJOR FINDINGS

 Corona infection (Covid19) is one the monster calamity in the year 2020. Pneumonia
of obscure cause-was distinguished first time in Wuhan city Hubei area of China on
31.12.19. From 31.12.2019 to3.01.2020 absolute number of 44 individuals influenced
with pneumonia of obscure reason was found.

 Very nearly 210 nations and regions around the world have detailed a sum of
44,42,414 affirmed instances of Covid and a loss of life of 2,98,322

 Coronavirus has moved from a wellbeing emergency to an economic crisis. This

pandemic obliterated the business cycle everywhere on the world. Around 100 nations
have closed public boundary. During the previous month worldwide production
network has been fallen. Global economy could shrivel by practically 1% in 2020
because of Covid19 pandemic.

 India is a developing nation. After China, India's Micro, Small and Medium
Enterprises (MSME) have the largest market share in the world. MSME plays an
important role in accelerating the development of the Indian economy. However,
MSME's status will be unimaginable and volatile in the aftermath of this epidemic.

 The state of Uttar Pradesh has the highest number of estimated MSME, accounting for
14.20 percent of all MSME in the world. West Bengal is a near second with 14
percent, followed by Tamil Nadu and Maharashtra, both with 8%.

 In India there are more than 63 million MSME units in India. The Indian MSME will
be impacted essentially because of the flare-up of Covid19 in not so distant future

 MSME area in India will deal with the issue like low liquidity or income and need of
workforce since every day bets have gone to their towns. Absence of labor force
should be a negative effect on creation.

 Lower creation implies lower supply and lower supply will create the swelling climate

 Since most small business transactions in India are done in cash, and payments to
employees and labourers are often made in cash, the effect of the lockdown would be
very uncomfortable for Indian MSME.

 Because of this emergency independent ventures will attempt to receive computerised

rehearses inits business.

 19% to 43% of the MSMEmay vanish if pandemic continue 4 or two months. MSMEs
have gone through most troublesome time in-the most recent 3 years (All India
Manufacturing Organization).

 The significant worry for MSME will be liquidity smash due to thecovid-19 flare-up.
Absence of liquidity will disturb store network and work accessibility. Numerous unit
shave settled up on their laborers' wages for March completely and are ready for April
instalment while there-is no income now. Moreover there are charges like power

49 | P a g e
 charge, water charge that likewise need to be-paid yet without income or considerable
government support, it is extremely unlikely they can carry on inMay and past.

 Delays in the introduction of new products, failure to satisfy demand from critical
industries, and difficult social distancing are all major concerns for MSME units. The
State Bank of India has set a target of distributing 700 crore to Mumbai's MSME

50 | P a g e
CONCLUSION
Almost every nation on the planet is being impacted by the catastrophic Covid-19 outbreak.
The world's most strong economies have become powerless, and the situation has become
uncontrollable. However, India's ability to bounce back by making fast and timely decisions
is truly commendable. Covid-19 has a destructive effect that we must not forget.
It very well may be derived that the cross country .lockdown prompted disintegration of the
business possibilities of business visionaries of the MSME area in India. The scientist
inferred that non-dispensing of help measures influenced creation of both fundamental and
unimportant products. Besides, there was a slow spike in the measure of misfortunes caused
by little and medium business ventures because of nonavailability of help measures. Be that
as it may, it was shown that the Indian Government made strides from that point, and
dispensed programmed credit worth Rs. 3 lakh crore against no guarantee. It was derived that
the declaration of cross country lockdown stifled the Indian MSME area in light of the fact
that a larger part of firms were close down forever. There were no elective alternatives at all
as monetary assets were lessening labor force and labourers got back to the places where they
grew up. Nonetheless, the specialists who remained needed administrative skill to handle
emergency. The concentrate along these lines proposed healing measures such as stream of
money liquidity and assessment help for shielding the interests of business people of MSMEs
during the COVID-19 pandemic. Notwithstanding being deadly to the Indian economy, the
Covid gaps the chance for India to arise as a Global Manufacturing Hub while understanding
its Make in India strategy in evident sense. India can benefit from the adjustment of
worldwide viewpoint of China's assembling area following the episode of Covid, and become
known as an elective assembling objective while bit by bit slicing spillages to China through
accomplishing independence in assembling of sources of info. India ought to endeavour to
accomplish independence underway of contributions to similar style as India advanced to
accomplish independence in food grain creation during the underlying five-year plans.
This should be possible through distinguishing the imported data sources and working with
the foundation of MSME units of such segments. The development possibilities of MSMEs
are high and they have the limit of driving India out of downturn gave the public authority
should sustain them actually like a bird takes care of an infant bird as the economy limps
back to routineness. Ultimately, actually like supported infant birds these MSMEs will spread
their wings and fly while driving the Indian economy towards new highs of development rate.

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