India’s MSME sector expected to rebound with 15% growth in 2022
- Claire Lee
- Topics: Health and Wellness, Home Page - News, India, News
India’s micro, small and medium enterprises (MSME) sector is expected to rebound with a 15% to 17% growth in revenues for the financial year ending 2022 amid the country’s economic recovery and an increase in consumer demand, highlighted a study by Assocham-Crisil.
Recovery was observed over the last few months in sectors like construction, exports, commodities and consumption as COVID-19 restrictions were lifted by the government, according to the report.
India’s MSME sector is estimated to comprise some 63 million firms, employing over 11.1 million workers . The sector accounts for 27% of GDP and is key in employment, exports and lending opportunities, it said.
The sector was also the worst hit over the pandemic and the resulting lockdowns that followed.
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The report also highlighted that the MSME sector expanded digitalisation efforts over 2021, which has enhanced customer experience, operational efficiency and workforce procedures and facilitates access to financial services
