MSME: Challenges of significant contributor and policy initiatives
As of 7th January 2022, the MSME portal has a total registration count of 1.32 crore, of which 1.27 crore has been classified as micro-enterprises. Enterprises registered on the portal employ 9.6 crore people, of which 2.3 crore are women. There are 1.5 lakh exporting units, which have contributed a cumulative ₹ 9.7 lakh crore worth of exports.
MSME growth has been tremendous in India in the past few years and its growth potential is enormous. However, despite their potential, these businesses are facing challenges. A few of the critical challenges are –
- Access to finance
- Lack of infrastructure
- Limited access to market
- Limited access to technology
- Difficulty in complying with government regulation