Key reforms to support Micro, Small and Medium Enterprises as a response to Covid-19 and the economic crisis
Key reforms to support Micro, Small and Medium Enterprises as a response to Covid-19 and the economic crisis July I, 2020 The Government of India has introduced a slew of legislative, regulatory and financial measures to support the MSME sector amidst the financial crisis created by the COVID-19 pandemic. Background The Micro, Small and Medium Enterprises Development Act, 2006 ( MSME Act ) provides a draft of protections and incentives for micro, small and medium enterprises ( MSMEs ). MSMEs have been disproportionately impacted by the Covid-19 pandemic and ensuing economic crises .To support MSMEs and help them survive and turnaround from the pandemic, the Indian Government has introduced a host of measures under the 'Atma Nirbhar Bharat Scheme'. This update summarises and analyses the key changes intro...