Poor skills, financing sink MSMEs

Businessman investment consultant analyzing company financial report balance sheet statement working with digital graphs.[Getty Images]

The government has warned that a lack of basic information, market linkages and credit management has contributed to the slow demise of micro, small and medium enterprises (MSMEs).

The State Department for MSMEs notes that despite MSMEs contributing about 40 per cent of the Gross Domestic Product (GDP) and employing over seven million people, a lack of knowledge and finance is leading to high attrition.