Apart from logistics, startups such as TradeIndia had also taken to provide a B2B marketplace for MSMEs, connecting buyers and suppliers and helping SMEs go digital.
Finance Minister Nirmala Sitharaman, on Wednesday, delivered the much-awaited economic package, bringing relief to the MSME sector, one of the worst-hit during the pandemic in the country. Some of the notable measures announced included Rs 3 lakh crore collateral-free automatic loans, Rs 20,000 crore subordinate debt, and revised definitions of MSMEs.
While the benefits may not be applicable for startups, many of them catering to the SME sector have welcomed the move and believe the measures will help streamline their operations.
Delhi-based Shiprocket, a data-driven logistics aggregation platform has been helping small businesses by providing them faster delivery of goods through its automated shipping software. According to Saahil Goel, CEO and co-founder Shiprocket, the measures announced by the Finance Minister will let many small businesses resume operations and would in turn impact Shiprocket’s operations positively.
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“The collateral-free automatic loan will allow small businesses to bounce back from the pandemic’s impact. The economic stimulus will help many SMEs resume operations by providing access to credit to help overcome near term loss of income. This will help businesses like Shiprocket, which enable SMEs to also grow and maintain business continuity. The long term focus on enabling SMEs with technology also provides a great opportunity for our business,” he said.
Source: Economic Times
