Daily News

View All News

India – Most companies believe revival of Micro and SME sector can boost rural employment (Economic Times)

20 September 2021

A majority, or 57%, of companies in India believe there is a need to revive the micro, small and medium enterprises (MSMEs) sector, which has been hit due to the Covid-19 pandemic, in order to boost rural employment, reports The Economic Times, citing a report from staffing firm Genius Consultants. The report showed that most business leaders believed that the reason behind the high unemployment rate is the lack of employment opportunities available in the rural areas concerned. The majority, or 85% of respondents stated that the manufacturing sector, which has been witnessing a slowdown, has been a major contributor to the rise in unemployment in the rural areas. As factories and production are one of the major contributors of rural employment and with the pandemic halting businesses, the manufacturing sector has majorly impacted rural unemployment compared to the service sector, Genius Consultants stated. Genius Consultants Chairman and Managing Director R P Yadav added, "Rural unemployment has always been a major concern even before the pandemic. With businesses and manufacturing slowing down, the situation has deteriorated even further."