News > 35% MSMEs Have Begun Shutting Shop Due to COVID-19 Situation

35% MSMEs Have Begun Shutting Shop Due to COVID-19 Situation

As much as 35% MSMEs and 37% of self- employed entrepreneurs have begun shutting their businesses seeing no chance of recovery amid the COVID-19 outbreak and over two months of lockdown. On May 13, finance minister Nirmala Sitharaman expanded the definition of MSMEs. The sector will see people losing jobs, scale down of operations, focus on core business and a fine financial balancing act.