As we began the New Year, up until covid-19 reared its ugly head, India was well on track to overtake Germany as the world’s fourth largest economy in a few years.
One of the top contributors to India’s growth was the economic value delivered by its micro, small and medium enterprises (MSMEs) in the manufacturing and services sectors.
Last Tuesday, the International Monetary Fund (IMF) slashed India’s growth estimate for 2020-21 to 1.9% from its January estimate of 5.8%, warning that the “worst recession since the Great Depression" would dwarf the economic damage caused by the global financial crisis a decade ago.