The ongoing pandemic has changed everything. In the last few months, the world has evolved into living with the ‘new normal’. This has impacted businesses, irrespective of their size or sector. But in the case of small and medium businesses (SMBs), the impact has been particularly severe. For a country like India, where SMBs generate nearly a third of its GDP, their swift rebound is paramount.
Not only do SMBs provide employment to millions, they are also important suppliers and customers to larger enterprises. In recent decades, SMBs’ entrepreneurial spirit has driven much of India’s growth — which is why they are so critical to economic recovery as the nation grapples with the impact of the pandemic.
With restrictions easing, businesses are opening again. But things don’t look to be very pleasant. Recent media reports suggest that 30-40 per cent of restaurants may never open again. And it seems to