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IIT Madras, industry bodies to study the impact of COVID-19 on MSMEs in Tamil Nadu
Chennai
The Indian Institute of Technology (IIT) Madras is collaborating with industry agencies to understand the impact of the COVID-19 crisis on micro, small and medium enterprises (MSMEs) in Tamil Nadu. The study is expected to be completed in three to four weeks. The study is significant as the central government announced yesterday that it will provide $ 40 billion in unsecured loans to increase liquidity for small businesses and help the economy overcome the coronavirus outbreak.
In this context of the stimulus package announced by the Minister of Finance of the Union Nirmala Sitharaman for the MSMEs sector, this exercise will be a limited time study to understand the resistance of MSMEs in Tamil Nadu, said a statement from the Institute.
The loans will benefit up to 45 million small businesses, the finance minister in New Delhi said on Wednesday. The program will be open until October 31.
Tamil Nadu represents one of the largest MSMEs in the country with more than 6.89 lakh of registered companies. This, in turn, represents more than 15 percent of the total MSMEs in India. Given the importance of MSMEs in Tamil Nadu, the disruption caused by COVID-19 is a major concern.
The study is led by IIT Madras Department of Humanities and Faculty of Social Sciences, Dr. Subash Sasidharan, Associate Professor of Economics, and Dr. Santosh Kumar Sahu, Assistant Professor of Economics.
Based on the results of this study, the researchers plan to analyze coping and adaptation strategies to overcome shock due to the pandemic, which could aid in the rapid recovery of MSMEs in Tamil Nadu, according to the statement.
“The MSMEs sector is the largest employer in the country. The survival of these companies is at stake due to this pandemic. Therefore, there is an urgent need for research to analyze the challenges of these companies in detail,” said the Dr. nSasidhara while speaking. about the focus of this study.
The Institute is partnering with ConsoTree, an Industry Research and Development Center; and industry bodies: Tamil Nadu Small and Tiny Industries Association (TANSTIA), a principal body of MSMEs, and district-level bodies, including the Coimbatore District Small Industries Association (CODITSSIA) and Madurai District Tiny and Small Scale Industries Association ( MADITSSIA).
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