cxo voice
  • Home
  • Technology
    • AI
    • Cloud
    • Telecom
    • Data Center
    • BPM
    • Blockchain
  • Finance
    • Banking
  • Cyber Security
  • View Points
  • Leaders Talk
  • News
  • Press Release
    • Submit Press Release
No Result
View All Result
  • Home
  • Technology
    • AI
    • Cloud
    • Telecom
    • Data Center
    • BPM
    • Blockchain
  • Finance
    • Banking
  • Cyber Security
  • View Points
  • Leaders Talk
  • News
  • Press Release
    • Submit Press Release
No Result
View All Result
Leaders Talk and Latest Tech News | CXO VOICE
No Result
View All Result
Home News Business

Government of India’s Support For SMEs and MSMEs During COVID-19 Crisis

Deepa Sharma by Deepa Sharma
May 22, 2020
Government Support For SMEs, MSMEs and startups in COVID-19 crisis

Due to pandemic COVID-19 and lockdown, the CEOs and other chief officers of SMEs, MSMEs, and startups in India facing many challenges and difficulties, not to function their business but to survive this COVID-19 crisis. Their cash-flow, operations, employee management, vendor management, delivery, logistics, etc all have been affected severely. The government’s financial support will act primary seed money for SMEs hit by zero cash flow due to the lockdown.

Government Support For SMEs and MSMEs.
Satish Kumar V, CEO at EverestIMS Technologies
Image: Satish Kumar V, CEO at EverestIMS Technologies

On the Government’s support package for SMEs and MSMEs, Satish Kumar V, CEO at EverestIMS Technologies, said, “The country has been facing inclement times due to the COVID 19 lockdown and subsequent economic fallout – especially the MSME sector. The Government has recognized these issues and risen to the occasion by announcing this broad-based stimulus package. The various measures will add up to a significant boost for the sector which is much needed as they often form the bulwark of the local economy by providing employment and contributing to the GDP as a whole. Things like the collateral-free automatic loans will definitely help the cash flow and payment situation. What this does is it boosts transactions and business which will ultimately lead to the wheels of the economy chugging back to life and (we hope) to full speed in the long run. Regarding software companies such as ours, we are awaiting further specific details after which we will be able to gain insight into how it affects us and the IT industry as a whole”

Companies are operating their businesses remotely but could not maintain the flow. The government of India has come to support with various plans and schemes for the SMEs and MSMEs to ease their recovery journey from this ongoing COVID-19 crisis. We have highlighted below some of the important points that will show how Govt is supporting SMEs and MESEs to sustain in the market.

1. Encouraging Citizens To Support Local Producers And Service Providers

Prime Minister asked all the citizens of the country to be “Vocal for the Local.” This means to support and promote local brands. He said in his speech that all the big international brands were once small brands, and they became big only because of citizens of the country who started supporting them. This also goes hand-in-hand with ‘Make in India.’ This will increase the consumption of Indian brands in the country and the world, and this will boost the economy to a great extent. The government of India’s ‘vocal for local’ initiatives will support local businesses, including Enterprises, SMEs, MSMEs, and Startups, to regain their base and boost the economy.

2. Credit And Finance Aids

In the stimulus announced by the government of India, they have provided financial and credit support to SMEs and MSMEs. These will help them restart their work and get into the flow of work again. Many companies were on the verge of closing down and bankruptcy. These companies will now get a chance to stand again. The biggest problem was of resources, raw materials, and payment of salaries to the employees. Without pay, no employee will agree to work, and hence this stimulus and the credit will help them a lot. The loan will also be provided for a longer tenure and at fewer interest rates.

3. Collateral Free Loans Worth Rs. 3 Lakh Crores

The finance minister announced collateral-free loans worth Rs. 3 lakh crores and that might really be of great help for SMEs. Many SMEs, MSEs, and startups really need money to restart their businesses and start their work in the market. They will also take the loans and the best thing is they do not have to put anything as collateral, which means that the process will be fast.

4. Releasing All The Past Payments

Government and central private companies have said that they will release all the due payments of the SMEs, MSMEs, and startups in the coming 45 days. The government’s initiative to release dues will be a great support for business as the due payment is large and will help SMEs get back on their foot. If this happens soon it can provide many SMEs and MSMEs a great financial relief.

ADVERTISEMENT

5. Moratorium On Loans By RBI

Reserve Bank of India (RBI) already announced 3 months moratorium on all the loans that anyone in the country had. This means that no one has to pay their loans from the start of the lockdown period until June. They will have to pay all the loans together when the moratorium ends. This was to make sure that people don’t have to face financial problems in lockdown. There are chances that this moratorium can get extended for 3 more months.

Government Support For SMEs, Prashanth G J CEO at TechnoBind
Image: Prashanth G J CEO at TechnoBind

Mr. Prashanth G J CEO at TechnoBind said, “Well, the first installment of the stimulus package is out – looks good at the outset. But we would have liked it have had more depth in terms of steps to boost consumption. While efforts to ease liquidity is always welcome, it is eventually demanding that will kick start the economy and hence drive growth. Well, the next phases are still there, we will look forward to some demand boosting initiatives!”

  • CXOs Should Have A Clear Vision For The Post Pandemic Future
  • Security While Working Remotely [Interview]
  • How to overcome from COVID-19 uncertainty

Deepa Sharma

Deepa Sharma

Deepa Sharma is CXOVoice’s Managing Editor, overseeing all coverage technology, cybersecurity, banking, and financial coverage. She can be reached at [email protected]

Related Posts

MediaTek TSMC
Technology

MediaTek and TSMC Partner to Pave the Way for Next-Generation Chip Performance with N2P Process

September 17, 2025
ABB investment
Business

ABB Announces $110 Million Investment in U.S. Expansion

September 17, 2025
Check Point Lakera
Cyber Security

Check Point Software Acquires Lakera to Enhance AI Security Solutions

September 17, 2025
Phil Mottram HPE
People

Phil Mottram to Drive HPE’s Global Sales as New Chief Sales Officer

September 17, 2025
Google UK
Business

Google Invests £5 Billion in UK: New Data Center to Boost Jobs and Economy

September 16, 2025
NextEra and ServiceNow Forge Partnership to Drive Digital Transformation in Saudi Arabia and MENA
Business

NextEra and ServiceNow Forge Partnership to Drive Digital Transformation in Saudi Arabia and MENA

September 15, 2025
Wipro CyberShield
Cyber Security

Wipro and CrowdStrike Unveil AI-Powered CyberShield MDR to Enhance Enterprise Security

September 15, 2025
Tata Technologies ES-Tech Group
Business

Tata Technologies Acquires ES-Tech Group for €75 Million to Strengthen Automotive Engineering Solutions

September 15, 2025
Load More
Please login to join discussion
ADVERTISEMENT

Latest Updates

MediaTek TSMC

MediaTek and TSMC Partner to Pave the Way for Next-Generation Chip Performance with N2P Process

by Deepa Sharma
14 hours ago

ABB investment

ABB Announces $110 Million Investment in U.S. Expansion

by Deepa Sharma
14 hours ago

Check Point Lakera

Check Point Software Acquires Lakera to Enhance AI Security Solutions

by Arshi Khan
18 hours ago

Phil Mottram HPE

Phil Mottram to Drive HPE’s Global Sales as New Chief Sales Officer

by Deepa Sharma
18 hours ago

Google UK

Google Invests £5 Billion in UK: New Data Center to Boost Jobs and Economy

by Deepa Sharma
2 days ago

NextEra and ServiceNow Forge Partnership to Drive Digital Transformation in Saudi Arabia and MENA

NextEra and ServiceNow Forge Partnership to Drive Digital Transformation in Saudi Arabia and MENA

by Arshi Khan
2 days ago

Expert Views

Why Even One Unpatched Device Can Be a Catastrophic Risk for Startups and SMBs
Cyber Security

Why Even One Unpatched Device Can Be a Catastrophic Risk for Startups and SMBs

July 25, 2025
Cyber Criminals
Cyber Security

How WormGPT Became ChatGPT’s Evil Twin

July 15, 2025
When AI Empowers Both Networks and Hackers: The New Battlefield for India’s Telecoms
Opinion

When AI Empowers Both Networks and Hackers: The New Battlefield for India’s Telecoms

May 20, 2025
Molly Sands AI
AI

AI RIP: 5 Things Knowledge Workers Will Say ‘Sayonara’ to in the Next Decade

March 8, 2025
multi cloud
Cloud

Multi-Cloud Made Simple: Strategies for Smart Business Management

March 5, 2025

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Interviews

Tokenization
Interview

Revolutionizing Finance: An Exclusive Interview with Sid Ugrankar, Co-founder of Qila.io on the Future of Blockchain and Tokenization

-
Steve Wilson, GenAI Cybersecurity LLMs
Cyber Security

How effective is GenAI in cybersecurity? The role of LLMs and AI in security solutions. [Interview with Steve Wilson]

-
Interview on Counterfeit products with Nikhil Narayan
Leaders Talk

Advancements in ML & AI made it possible to detect counterfeit products in real-time, says Nikhil Narayan

-
Newgenone bridges the gap between business users and IT teams with its low code capability: Varun Goswami
Leaders Talk

Newgenone bridges the gap between business users and IT teams with its low code capability: Varun Goswami

-

Entrepreneur

Samsung Electronics appoints its first female president

Inspiring Women Entrepreneurs in India (2022)

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

CXOVoice.com is a leading online publication for CXOs, entrepreneurs, senior leaders, developers, and industry professionals. Our coverage spans key sectors, including IT, technology, banking, finance, cybersecurity, engineering, and automobiles.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

[email protected]
  • Home
  • About Us
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

Copyright © 2025 CXOVoice - All Right Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/

No Result
View All Result
  • Home
  • Technology
    • AI
    • Cloud
    • Telecom
    • Data Center
    • BPM
    • Blockchain
  • Finance
    • Banking
  • Cyber Security
  • View Points
  • Leaders Talk
  • News
  • Press Release
    • Submit Press Release

Copyright © 2025 CXOVoice - All Right Reserved