COVID-19 pandemic has posed an unprecedented challenging situation and an existential crisis before the entire mankind. The global economic outlook for the current year is subdued on account of the pandemic that has led economies to face the situation of deceleration of growth or recession. The Indian economy is no exception to this economic fallout.
Prime Minister Narendra Modi’s ‘Atma Nirbhar Bharat’ clarion call, in the times of economic shock from the COVID19 pandemic, can be the start of a golden era where India can make the fundamental transformation towards becoming a net exporter. Since the leadership has identified the medium, small, and micro-enterprise (MSME) sector as the rock on which the self-reliant dream is built, this shift too can be led by such players. One such assistance can be the role that small and medium professionals (SMPs) can play in terms of providing mentorship and support to MSME firms.
In addition to the launch of the MSME Mentorship program, the Institute of Chartered Accountants of India (ICAI) has issued an “MSME Business Continuity Checklist” providing information on a number of factors that require special attention by the management of MSME which can guide their initiative to face this tough time.
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