Rejuvenation of MSMEs from impact of COVID-19

COVID-19 has given a severe jolt to the MSMEs sector and had negative impact. In response to COVID-19 impact on the industry, the Government and RBI announced numerous measures to help MSMEs to come out of the hardship inflicted by the pandemic. MSMEs were provided funds by government for carrying out CSR practices. Helps offered by companies to battle COVID -19 were treated as CSR activities. Some enterprises innovated their ways by changing focus from non-essential commodities towards essential commodities like masks, hand sanitizer, PPE kits and are able to survive in difficult times. It can be viewed as CSR activity in a way even though it is done to endure. Even now MSMEs are making out how to respond to the challenges due to COVID-19. Though they are small, yet they are important and still responsible socially.

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Contribution of the Micro, Small and Medium Enterprises in the Indian economy

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What are MSMEs?

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Micro Small and medium enterprises (MSMEs) are organizations that look after revenue, resources, or various workers under a specific limit. Every nation has its own meaning of what establishes a micro small and medium enterprise (MSME). Certain size standards should be met and every so often the business in which the organization works is considered also.  In spite of the fact that little in size, micro small and medium enterprises (MSMEs) has a significant part in the economy. They outnumber huge firms impressively, utilize immense number of individuals for employment, and are usually entrepreneurial in nature, assisting with forming innovation.
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Conclusion

The setup and prosperity of Micro Small and Medium Enterprises is a resourceful intake leading to the rapid development of economic and social potentials. CSR activities can help to a great degree in improving the survival rate of MSMEs and may offer more chances for business competitiveness, nationally and globally. MSMEs are the steroids that the Indian Economy requires at this juncture and Most of the SMEs being anchored in towns and villages or in remote areas they have significant adaptability to the local environments, exposure to local issues, and also access to local resources, Thus, they are eminently suited to do CSR activities.
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