Meta survey claims 23% Indian SMBs still closed amidst pandemic and global challenges

New Delhi, Oct 7 (KNN) About 23 per cent of the 810 small businesses surveyed in India are still shut because of the various waves of covid-19 pandemic, said Meta in its Global State of Small Business Report 2022.

According to the findings of the report the impact of the disruptions caused by the covid-19 pandemic don’t seem to have an end in sight for the Indian MSME ecosystem, reported Financial Express.

Other business challenges and global changes are also the two factors for the lurking impacts on MSMEs.

Considering the workforce, 19 per cent of the 535 Indian businesses reported reducing their workforce.

While 26 per cent added more jobs and almost 55 per cent reported no change in the number of employees.  

Over the next six months only 7 per cent of SMBs globally reported plans to reduce their number of workers.

In view of gender specific SMBs, women-led SMBs reported higher proportions of business closure at 23 per cent as compared to 17 per cent respectively across the globe. 

The national MSME body Federation of Indian Micro and Small & Medium Enterprises (FISME), however, has debunked the survey.

“The facebook surveys are riddled with extremely low credibility where anybody could pose as small business and vote. The ground situation is vastly different and has improved tremendously. Except restaurant business and some segments of retail almost everybody has bounced back,” says Anil Bhardwaj, Secretary General FISME.  (KNN Bureau)