- Despite a host of loan restructuring schemes and packages announced by theĀ Reserve Bank of India (RBI)Ā and the government, theĀ Covid pandemic has hit theĀ Micro, Small and Medium Enterprises (MSMEs)Ā very hard.
- GrossĀ Non-Performing Assets (NPAs) of MSMEs, or loans defaulted by these enterprises, rose by Rs 20,000 crore to Rs 1,65,732 crore as of September 2021 from Rs 1,45,673 crore in September 2020.
- Bad loansĀ of MSMEs now account for 9.6 % of gross advances of Rs 17.33 lakh crore as against 8.2 % in September 2020.
- Earlier, the Ministry of MSME launched theĀ MSME Innovative SchemeĀ (Incubation, Design and IPR) along with the MSME IDEA HACKATHON 2022.
SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT