The All India Manufacturer’s Association (AIMO) is an Apex trade body that works for the interests of the MSME sector. On Thursday, it says that the loss of revenue for the industry is close to Rs. 40,000 crore per day and that it has already lost Rs. 12 Lakh crore due to the lockdown.
All the MSME ‘s, self employed individuals and entrepreneurs are dependant either directly or indirectly on several sectors like automobile,aviation, hospitality, FMCG, entertainment, construction, real estate, restraunt and bars, seafood and livestock, tourism and BPOs.
These sectors are severely hit by the pandemic and all the MSMEs that cling to them are on the verge of shutdown as per Ramanand, AIMO’s national general secretary.
AIMO has also pleaded the government to introduce a citizen risk assessment module that will permit 55.1% Indians to go back to their working environment immediately. This will avoid further loss to the economy.
Global Alliance for Mass Entrepreneurship’s (GAME) chairman, Ravi Venkatesan, also said that more than one forth of India’s 69 million micro, small and medium Enterprises may shut down if the lockdown stays for more than four to eight weeks due to cash crunch. The sector ,which has created more than 90% of the jobs in India,will be soon forced to layoff people. As movement of perishable and non perishable goods are constantly getting delayed, these businesses stare at mounting losses. They are also to see operational challenges with low or zero Manpower over the next few weeks due to migration of workers back to their hometowns and villages.