The on-going
COVID-19 pandemic has bought the world to a standstill. Even India has been
under lockdown for more than four months now. The economic pressure is slowly
mounting as businesses pose a bigger challenge.
With the
market being at its all-time low, many businesses are forced to shut down their
operations. Even companies are sacking off most of their manforce to sustain
the expenses during this time. While some companies are even working with less
than half of their workforce to keep the operations going.
Keeping all
this in mind, the Government of India has come up with lucrative steps to help
the MSME’s business owners. Under this plan, starts up can get additional
funding and liquidity of around Rs. 3 lakh crores. The Aatmanirbhar Bharat
package also provides credit facilities with a 100% credit guarantee.
This is an
initiative to help businesses under a lot of stress due to the current
pandemic. It also helps companies that are looking for some sort of funding to
sustain their operations. There are various kinds of measures that have been
announced by the government to help MSMEs. Some include collateral-free loans,
subordinate debt for MSMEs, and a corpus of around Rs. 10,000 crores.
