Abhay Bhutada writes that MSMEs are one of the chief contributors to the Indian economy, other than startups and established enterprises. He says that while contributing eight percent to the nation’s total GDP, MSMEs also provide for 40 percent of the total export. Producing over 10,000 different types of products, these small-scale ventures are also responsible for 45 percent of the entire manufacturing output. Besides, the truest contribution of the MSMEs could not be comprised in these numbers.

Bhutada continues with how MSMEs are battling at $2 trillion credit deficit and how last year’s demonetization pushed MSMEs to adopt digital payments, in order for them to continue operations. He also tells of how fintechs are helping MSMEs with lending, payment systems, retail banking, wealth management and more.