Nearly 1 lakh micro enterprises grew into small businesses post pandemic - In pictures

Nearly 1 lakh micro enterprises grew into small businesses post pandemic | In pictures1/6

93,048 micro enterprises in the country’s 6.3 crore-strong MSME sector have grown in size to become small enterprises post-pandemic between July 2020 and July 2022, as per data shared by MoS MSME Bhanu Pratap Singh Verma in Parliament. (Image: pexels)2/6

The biggest jump in terms of the number of companies scaling in size was recorded in the micro segment itself despite Covid disruption in comparison to 10,141 small enterprises moving to the medium business category and 1,602 micro enterprises growing to the small business category during the said period. (Image: pixabay)

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 In the current FY, as of July 20, 2022, the number of micro enterprises growing into small businesses more than doubled to 64,319 while small to medium transition during the period was also higher at 6,460 and likewise for micro to medium segment with 946 enterprises scaling up. (Image: pixabay)

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“It is difficult to understand how the government could come up with these numbers of enterprises switching categories since balance sheets for 2022 are yet to be filed. Generally, balance sheets are filed six months from March or even up to December,” an expert told FE Aspire seeking anonymity. (Image: pexels)

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The revised classification of MSMEs was approved by the government back in June 2020 to enable more businesses — outside the ambit of the MSME sector based on the erstwhile definition — to benefit from the schemes offered including priority sector lending by banks. (Image: pexels)

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Importantly, the government had included 2.5 crore wholesale and retail traders under the MSME ambit in July last year to expand the MSME base in the country. The benefits, however, to the traders were restricted to loans under priority sector lending. (Image: pixabay)