There is no corner in the world that has not felt the grave impact of COVID-19. In India, the Micro, Small and Medium Enterprises (MSMEs), which contribute significantly to India’s growth (about 30 percent) have been struggling to cope with the crisis.
While the government has announced some schemes, including the Rs 3 lakh crore collateral-free loan to provide immediate relief to the sector, the pandemic has made these companies realise that they need to also look at bringing reforms within the organisation to make MSMEs more resilient to business shocks.
Recently, IRM India, the Indian affiliate of the Institute for Risk Management, a professional body for enterprise risk management headquartered in the UK, signed a Memorandum of Understanding (MoU) with the National Institute of Micro, Small and Medium Enterprises (NI-MSMEs) to support and strengthen the MSME sector.
SMBStory spoke to Hersh Shah, CEO of IRM India, on the next steps and why Indian MSMEs need to take risk management more seriously than before.
SMBStory (SMBS): What does IRM do? Recently, IRM signed a pact with NI-MSME. What are the next steps?
Hersh Shah (HS): We are the world leader for enterprise…
