The Micro, Small, and Medium Enterprises was one of the most badly affected sectors during the COVID-19 pandemic. Even after the pandemic was over, the MSME sector has not fully recovered.
We can revive the MSME sector through policies that support the recovery of this sector. The growth and recovery of MSME must include efforts to build resilience to ensure MSMEs are ready to face future disruptions and continue contributing to the economy.
Human Resource
Overcoming labour shortage by streamlining the recruitment process for foreign workers to ensure that MSME operations can continue without disruptions.
One Stop Digitalisation Centre
Set up a One Stop Digitalisation Centre to help MSMEs apply for digitalisation incentives to ensure digital transformation can proceed smoothly.
Increasing Productivity
Providing incentives or grants on productivity solutions specially for MSMEs to increase capital utilisation efficiency. Eligible expenditures include purchase of technological equipment, tools/solutions for digital marketing, consultancy and technical services.
Financing Venture Capital
Increasing the allocation for venture capital (VC) financing on a periodic basis to encourage entrepreneurs in high value technology fields to jumpstart their MSME operations.