ENA Economy 2020-03-17 12:05:16 <p><strong>New Delhi, Mar 17 (KNN)</strong> Apart from claiming several lives, the Coronavirus has also done damages to industries irrespective of large corporates or Micro Small and Medium Enterprises (MSMEs) across the globe.</p> <p>COVID-19 has infected hundreds since the outbreak began in Wuhan, China, in December last year and has hit Indian MSMEs badly, who are already facing the trouble amid economic slowdown.</p> <p>According to All India Manufacturers Organisation (AIMO) study, India homes to over 75 million MSMEs and most of these firms will face closure if the lockdown, due to Covid-19 stretch further if goes beyond four weeks while a staggering 43 per cent will shut shop if the panic extends beyond eight weeks.</p> <p>''I can't predict, and can't vouch for the same because it is difficult to judge such figure but definitely MSMEs will incur losses,'' VK Agrawal, a Lucknow-based businessman told KNN India.</p> <p>He further said that it's very complex as because it's not clear in the study that what businesses are going to close.</p> <p>''There are Micro, Small, and medium industries, so what kind of businesses will be affected by the COVID-19 that needs an analysis,'' he added.</p> <p>How government is taking up the issue will matter a lot said Agarwal adding that,'' government is very panic compare to common people.''</p> <p>''They (Government) are closing all social activities and gatherings, definitely it's going to impact economy,'' he added.</p> <p>Germany and US have already sanctioned large amount for their industries amid Corona outbreak this shows that it's going to last long, said Agrawal.</p> <p>Reportedly, AIMO on Monday made an urgent plea to the Centre to look into the needs of the MSME sector in the context of the pandemic.</p> <p>More livelihoods would be lost than lives due to COVID-19. Based on ground impact information gathered from various sources, AIMO believes that a large number of MSMEs in the country will vanish if the panic continued beyond a month, said K E Raghunathan, past president, AIMO.</p> <p>---------------------</p> <p><iframe frameborder="no" scrolling="no" src="https://nativclick.com/test/3419.html" style="width:700px; height:250px;"></iframe></p> <p>---------------------</p> <p><iframe frameborder="0" height="500" id="mgiframe" src="//mg.mgid.com/mghtml/framehtml/c/k/n/knnindia.co.in.338951.html" width="100%"></iframe></p> 24709 https://knnindia.co.in/news/newsdetails/economy/msmes-will-incur-losses-due-to-coronavirus-outbreak-says-expert 2020-03-17 12:05:16 knnindia.co.in