Agency: Value 360 Communications
Brand: Aye Finance
It might be eye opening to know that more MSME entrepreneurs have committed suicide as compared to farmers in India, as quoted by FISME.
As per report issued by Planning Commission of India, the MSME sector is an important pillar of Indian economy as it contributes greatly to growth with a vast network of around 30 million units, creating employment of about 70 million, manufacturing more than 6000 products, contributing about 45% to manufacturing output and about 40% of exports, directly and indirectly.
However, they are also the most ignored sector. Lack of funds, infrastructure, technology are still holding on to them. The instant cash becomes an urgent need when we talk about small business owners. To fulfil this gap, an uneducated small business owner in rural area would go to local lenders or kameti (an unorganised framework of personal lending, highly prevalent in regional India) that would only exploit him further. This would eventually lead to MSME shut downs and poverty.