1PG Department of Commerce, MIT FGC, Mysore.
The novel coronavirus pandemic have hit more than 200 countries and territories across the world causing acute respiratory syndrome. Businesses are grappling with tremendous uncertainty for their survival and sustenance due to this massive pandemic.Measures taken to avoid the extensive spreading of the pandemic has great economic implications. Restriction on international travels, lock downs, social distancing, quarantine and close dow n of all most all operations to slow down the spread of infection.
India an emerging market, is jeopardised due to the outbreak of corona. Indian economy featured with an uptrend growth and increased GDP is predicting recession in near future. The pandemic has tremendously brought socio-economic changes and challenges especially to MSMEs. Indian market majorly operated by MSMEs are most effected players of the economy due to closedown of the economy and restricted moments. MSMEs mostlybeing unorganised sector is highly impacted due to trade restriction and isolation of moment of people.
Mysore city known for art, culture and its heritage relies upon huge tourism, hospitality and education sectors aided by other branches of service sector. It’s a hub IT and industrial sheds providing huge employment opportunities both in organised and unorganised form. The covid has worst impacted all these sectors with lack of jobs, closed of business opportunities, trade restrictions causing poor mobilisation of funds. MSMEs that anchor upon low investment and day to day inflow of cash has been hardly hit challenging survival and sustenance.
The study is an attempt to find out the challenges faced by the MSMEs and requirement of novel strategies for their survival and success in covid and post covid era and comes up with few survival strategies as suggestions to manage the business during pandemic.
Corona, Emerging market, Economic implications, MSMES
