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DAILY NEWS ANALYSIS
08 July, 2020
5 Min Read
Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST)
World Bank
In NEWS
Recently, the World Bank (WB) and the Government of India has signed the USD 750 million agreement for an Emergency Response Programme for Micro, Small, and Medium Enterprises (MSMEs).
Emergency Response Programmes are dedicated towards enhancing the resilience of communities and livelihoods in order to address fragility, poverty and vulnerability to conflict and disaster.
Financial Support:
Significance:
Way forward
The MSME sector is central to India’s growth and job creation and will be key to the pace of India’s economic recovery, post-Covid-19. The financial support by the World Bank is a part of reforms that are needed to propel the MSME sector over time. The Indian government has announced Rs.3-lakh crore collateral-free assistance or sovereign credit guarantee under Atmanirbhar Bharat Abhiyan.
However, the immediate need is to ensure that the liquidity infused into the system by the government is accessed by MSMEs. Equally important is to strengthen the overall financing ecosystem for MSMEs.
Source: PIB
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