MUMBAI: Leaders of India Inc on Friday said the Reserve Bank of India’s (RBI) measures will pump in liquidity, ease financial stress in the system and help reviving the micro, small and medium enterprises (MSME) and real estate sectors that employ a significant number of people and are integral to supply chains. “It would be crucial to kick-start economic activity after this period of disruption.
MSME’s are the backbone of Indian industry and form the key element of product supply chain - be it agri-processing, textiles, or auto-ancillaries," said Vipin Sondhi, managing director and CEO of Ashok Leyland.
At present, there are 63 million MSMEs which employ at least 124 million people. MSMEs contribute to 6.11% of the manufacturing GDP,