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MSMEs (Micro, Small and Medium Enterprises) are a significant contributor to the country’s socioeconomic development. In India, the sector has gained major importance due to its contribution to the Gross Domestic Product (GDP) of the country and exports. The sector has also contributed immensely with respect to entrepreneurship development, especially in semi-urban and rural areas of India. According to a report from IBEF (Indian Brand Equity Foundation). In FY21, the loan disbursals to MSMEs stood at Rs. 9.5 trillion (US$ 128.06 billion), a 40% increase compared with Rs. 6.8 trillion (US$ 91.66 billion) in FY20.
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