IMPACT OF COVID-19 ON MSMES OF RURAL ECONOMY IN INDIA

The new Coronavirus (COVID-19) epidemic has quickly spread over the world, wreaking havoc on millions of people's lives and livelihoods. India's first infection was reported on January 30, 2020, forcing authorities to quickly implement a variety of steps to slow the spread of the disease. Because the disease is highly contagious, a much-needed nationwide lockdown was implemented on March 25, 2020, to prevent the spread of the COVID-19 pandemic. During the first several weeks, the limitations were stringent, and all non-essential activities and companies were prohibited across the country, including retail shops, educational institutions, and places of religious devotion. As a result, in most parts of the country, these prohibitions are being gradually relaxed in a stepwise manner.
As the constraints imposed by the lockdown are eased, now is an excellent time to assess COVID-19's impact on various sectors of the economy. A number of reports have suggested that the Indian economy may decline in 2020-21. This is a concerning sign, because a larger GDP contributes significantly to increased living standards, reduced poverty, and improvements in other socio-economic indices. While other sectors have been reported to be under severe strain, it is critical to assess the impact on agricultural and associated sectors, which employ the vast majority of India's people.
MSMEs (Micro, Small, and Medium Enterprises) are regarded as the backbone of the Indian economy. It employs about 120 million people, making it the second greatest source of employment (after agriculture). It accounts for more than 40% of India's entire exports. COVID-19's influence on the rural economy would be incomplete without consideration of its impact on MSMEs