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Abstract

Micro, Small and Medium Enterprises (MSMEs) are critical driver of economic growth in India, accounting for a significant share of employment and GDP. However, MSMEs face several financing gaps, including inadequate access to formal credit, high cost of credit, and limited availability of risk capital. This paper presents a study of MSME financing gaps in India, analyzing the causes and consequences of these gaps and suggesting policy recommendations to address them. The research findings indicate that MSMEs in India face significant challenges in accessing formal sources of finance, such as banks and financial institutions. The study identifies the reasons for this, including the lack of collateral, limited financial literacy among MSME owners, and the high cost of credit. The research also shows that MSMEs have been resorting to informal sources of finance, such as moneylenders, to meet their funding needs. The study recommends various policy measures to address the financing gap, including the creation of a dedicated MSME financing fund, increasing the role of non-banking financial companies, improving financial literacy among MSME owners, and encouraging the use of digital technologies to enhance access to finance. The paper concludes by suggesting policy recommendations to promote the growth and sustainability of the MSME sector in India.
UGC Approved Journal No. 49321 Impact Factor : 6.125
Shodh Drishti (An International Peer Reviewed Refereed Research Journal), Vol. 14, No. 8.1, August 2023 ISSN : 0976-6650
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A Study of MSME’s Financing Gaps in India
Mohammad Abu Saleh
Research Scholar, Department of Commerce, Shibli National P.G. College, Azamgarh (U.P.)
Dr. Zubair Ahmad
Assistant Professor, Department of Commerce, Shibli National P.G. College, Azamgarh (U.P.)
Abstract
Micro, Small and Medium Enterprises (MSMEs) are critical driver of economic growth in
India, accounting for a significant share of employment and GDP. However, MSMEs face several
financing gaps, including inadequate access to formal credit, high cost of credit, and limited availability
of risk capital. This paper presents a study of MSME financing gaps in India, analyzing the causes and
consequences of these gaps and suggesting policy recommendations to address them. The research
findings indicate that MSMEs in India face significant challenges in accessing formal sources of finance,
such as banks and financial institutions. The study identifies the reasons for this, including the lack of
collateral, limited financial literacy among MSME owners, and the high cost of credit. The research also
shows that MSMEs have been resorting to informal sources of finance, such as moneylenders, to meet
their funding needs. The study recommends various policy measures to address the financing gap,
including the creation of a dedicated MSME financing fund, increasing the role of non-banking financial
companies, improving financial literacy among MSME owners, and encouraging the use of digital
technologies to enhance access to finance.The paper concludes by suggesting policy recommendations to
promote the growth and sustainability of the MSME sector in India.
Keywords: Micro, Small and Medium Enterprises, Financing Gap, Indian Economy, Digital
Technologies, Financial Institutions.
1. Introduction
India is a country with a vibrant and diverse economy, characterized by the presence of a large
number of micro, small, and medium enterprises (MSMEs). These MSMEs play a critical role in driving
economic growth, creating employment opportunities, and fostering innovation. However, despite their
importance, MSMEs in India face significant challenges in accessing the necessary financial resources to
grow and expand their businesses. This research paper aims to investigate the financing gaps faced by
MSMEs in India and to identify the factors contributing to this gap. The paper also examines the various
sources of finance available to MSMEs and analyzes the effectiveness of existing financing models. The
study employs a mixed-methods research approach, including a comprehensive literature review, surveys
and interviews with MSME owners, and case studies of successful financing models.
The research findings highlight the significant challenges faced by MSMEs in accessing formal
sources of finance, such as banks and financial institutions. These challenges include the lack of
collateral, limited financial literacy among MSME owners, and the high cost of credit. As a result,
MSMEs have been resorting to informal sources of finance, such as moneylenders, to meet their funding
needs. This research paper also provides valuable insights into the policy measures that can be taken to
address the financing gap and promote the growth of MSMEs in India. The recommendations include the
creation of a dedicated MSME financing fund, increasing the role of non-banking financial companies,
improving financial literacy among MSME owners, and encouraging the use of digital technologies to
enhance access to finance.
2. Review of Literature:
Shashank Tiwari and Nishant Rai (2019) analyzes in their study the constraints faced by
MSMEs in India in accessing finance and suggests remedies for improving access to finance. The
authors find that lack of collateral, inadequate financial literacy, and poor credit history are the primary
constraints faced by MSMEs. They suggest measures such as credit guarantee schemes and capacity
building programs to improve access to finance.
The study of Dhananjay Bapat and Sanjeev Verma (2020) provides a comprehensive review of
the financing constraints faced by MSMEs in India. The authors find that lack of access to formal credit,
high cost of credit, and limited availability of risk capital are the primary constraints faced by MSMEs.
They suggest measures such as the development of specialized financial institutions and the promotion of
alternative financing models to address these constraints.
This study analyzes the financing needs and sources of MSMEs in India. The authors find that
MSMEs primarily rely on informal sources of finance, such as family and friends, due to the limited
UGC Approved Journal No. 49321 Impact Factor : 6.125
Shodh Drishti (An International Peer Reviewed Refereed Research Journal), Vol. 14, No. 8.1, August 2023 ISSN : 0976-6650
68
availability of formal credit. They suggest measures such as the development of credit guarantee schemes
and the promotion of innovative financing models to address the financing gap. V. K. Singh and K. N.
Badhani (2018)
Harpreet Kaur and Navdeep Kaur (2019) in their study given a review of the financing options
available to MSMEs in India. The authors find that MSMEs face several financing constraints, including
limited access to formal credit and high cost of credit. They suggest measures such as the development of
specialized financial institutions and the promotion of alternative financing models to address these
constraints.
Rupali Gupta and V.N. Bala subramanyam examines in their role of private equity and venture
capital in supporting the financing needs of MSMEs in India. The study finds that private equity and
venture capital can be an effective mechanism to address the financing gaps faced by MSMEs,
particularly in the high-growth sectors. However, the study also highlights the need for more favorable
regulatory frameworks to encourage investment in MSMEs and ensure their sustainability.
3. Objectives
The objectives of this research paper on a study of MSME's Financing Gaps in India are as follows:
3.1 To identify the financing gaps faced by MSMEs in India and analyze the factors contributing to
these gaps.
3.2 To examine the various sources of finance available to MSMEs in India and evaluate the
effectiveness of existing financing models.
3.3 To understand the challenges faced by MSMEs in accessing formal sources of finance, such as
banks and financial institutions.
3.4 To explore the role of informal sources of finance, such as moneylenders, in meeting the funding
needs of MSMEs.
3.5 To provide insights into the policy measures that can be taken to address the financing gap and
promote the growth of MSMEs in India.
3.6 To offer recommendations for policymakers, financial institutions, and MSME owners to bridge the
financing gap and promote the growth and sustainability of MSMEs in India.
3.7 To contribute to the existing body of knowledge on MSME financing in India and provide a
foundation for future research in this area.
4. Research Methodology
The study of MSME's Financing Gaps in India is based on secondary data, the research
methodology would involve the following steps:
4.1 Data collection: Secondary data related to MSME financing in India would be collected from
various sources, including government reports, industry reports, academic journals, books, and online
databases. The data would be analyzed to identify the key trends, challenges, and gaps in MSME
financing in India.
4.2 Data analysis: The collected data would be analyzed using statistical techniques, such as trend
analysis, to identify the factors that contribute to the financing gaps faced by MSMEs in India.
Additionally, content analysis would be used to examine the qualitative data and identify common
themes and patterns.
4.3 Data interpretation: The results of the data analysis would be interpreted to provide insights into the
challenges and gaps in MSME financing in India. The findings would be presented in the research paper
along with relevant tables, charts, and other visual aids to aid in data interpretation and presentation.
5. Financing gaps faced by MSMEs in India
MSMEs in India face several financing gaps that hinder their growth and development. Here are
some of the significant financing gaps faced by MSMEs in India with relevant data:
Lack of access to formal credit: MSMEs face a severe credit gap in India, as banks and financial
institutions tend to be risk-averse and often do not lend to small businesses. According to a report by
the Reserve Bank of India (RBI), the credit gap for MSMEs in India stood at around Rs. 25 trillion
($338 billion) in 2020.
High cost of credit: Even when MSMEs can access credit, they often have to pay high-interest
rates, making it difficult for them to repay the loans. According to the same RBI report, MSMEs in
India paid an average interest rate of 12.3% on their loans in 2020.
Lack of collateral: Many MSMEs in India do not have adequate collateral to offer against the loans
they require. According to a survey by the Ministry of MSMEs, 36% of MSMEs in India do not
have any collateral to offer to banks.
UGC Approved Journal No. 49321 Impact Factor : 6.125
Shodh Drishti (An International Peer Reviewed Refereed Research Journal), Vol. 14, No. 8.1, August 2023 ISSN : 0976-6650
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Limited access to equity financing: MSMEs in India have limited access to equity financing,
which is crucial for their growth and expansion. According to a report by the International Finance
Corporation (IFC), MSMEs in India face an equity financing gap of around $600 billion.
Inadequate support for technology adoption: MSMEs in India face significant challenges in
adopting new technologies due to a lack of knowledge, skills, and resources. According to a survey
by the Federation of Indian Chambers of Commerce and Industry (FICCI), 75% of MSMEs in India
do not have access to new technologies.
6. Factor Contributing MSMEs Financing Gaps
According to the Reserve Bank of India's (RBI) Mint Street Memos report published in August
2021, the financing gap for MSMEs in India stood at Rs. 25.7 trillion (USD 348 billion) in 2020. This gap
is primarily due to a lack of access to formal sources of finance, such as banks and non-banking financial
companies (NBFCs).The report identifies several factors contributing to this financing gap, including:
Collateral requirements: Banks and NBFCs require collateral to provide loans, which many MSMEs
cannot provide. The RBI's report shows that the collateral coverage ratio for MSMEs in India is much
lower than that of large companies, making it difficult for them to access formal finance.
High credit risk perception: Banks and NBFCs perceive MSMEs as high-risk borrowers due to
their limited financial history and lack of collateral. This leads to a higher cost of credit and more
stringent lending criteria, further limiting the availability of finance for MSMEs.
Information asymmetry: Banks and NBFCs often lack information about the creditworthiness of
MSMEs, making it difficult to assess the risk of lending to them. This leads to a lower willingness to
lend to MSMEs, contributing to the financing gap.
Regulatory issues: MSMEs face regulatory challenges, such as compliance with tax and other legal
requirements, which can make it difficult for them to access formal sources of finance. Additionally,
the lack of adequate infrastructure, such as credit bureaus, can limit the availability and affordability
of formal finance for MSMEs.
Lack of financial literacy: Many MSME owners lack the knowledge and skills required to manage
their finances effectively, making it difficult for them to access formal sources of finance.
The data shows that the financing gap for MSMEs in India is significant and is primarily due to the
factors listed above. Addressing these factors and filling the financing gaps faced by MSMEs in India requires
a comprehensive approach involving policymakers, financial institutions, and MSME owners themselves.
7. Various sources of finance available to MSMEs in India.
Small and medium-sized enterprises (MSMEs) play a crucial role in the Indian economy,
contributing significantly to employment generation, innovation, and overall economic growth.
However, MSMEs often face challenges in accessing adequate finance to sustain and grow their
businesses. In this research paper, we will examine the various sources of finance available to MSMEs in
India and evaluate the effectiveness of existing financing models.
Sources of Finance for MSMEs in India:
Equity Finance: Equity finance involves raising capital by selling ownership stakes in the business.
MSMEs can raise equity finance from angel investors, venture capitalists, private equity firms, and
public markets.
Debt Finance: Debt finance involves borrowing funds from banks, financial institutions, and other
lenders. MSMEs can access debt finance through various schemes, such as the Credit Guarantee
Fund Trust for Micro and Small Enterprises (CGTMSE) and the Small Industries Development
Bank of India (SIDBI).
Government Schemes: The Indian government has launched various schemes to promote MSMEs
and provide them with access to finance. Some of the prominent schemes include the Pradhan
Mantri Mudra Yojana (PMMY), the Stand-Up India scheme, and the Startup India initiative.
Microfinance: Microfinance institutions (MFIs) provide small loans and other financial services to
MSMEs in rural and semi-urban areas. Microfinance has emerged as an effective tool for promoting
financial inclusion and supporting small businesses.
Crowd funding: Crowd funding involves raising capital from a large number of people through
online platforms. MSMEs can use crowd funding to finance their businesses and promote their
products or services.
8. Evaluation of the effectiveness of existing financing models
Despite the various sources of finance available to MSMEs in India, they still face significant
challenges in accessing adequate and timely finance. Some of the key challenges include high interest
rates, collateral requirements, and a lack of awareness about available financing options.
UGC Approved Journal No. 49321 Impact Factor : 6.125
Shodh Drishti (An International Peer Reviewed Refereed Research Journal), Vol. 14, No. 8.1, August 2023 ISSN : 0976-6650
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The CGTMSE and SIDBI schemes have been effective in providing collateral-free loans and
credit guarantees to MSMEs. However, these schemes have limited coverage and may not be suitable for
all types of businesses.
Microfinance has emerged as an effective tool for supporting MSMEs in rural and semi-urban areas.
However, the high interest rates charged by MFIs can make it difficult for MSMEs to sustain their businesses.
The government schemes such as PMMY, Stand-Up India, and Startup India have helped
promote entrepreneurship and provided access to finance for MSMEs. However, these schemes have
limited coverage and may not be able to address the financing needs of all businesses.
Equity finance and crowd funding have the potential to provide significant funding for MSMEs.
However, these sources of finance are relatively new in India and may not be suitable for all businesses.
9. Challenges faced by MSMEs in accessing formal sources of finance, such as banks and
financial institutions
Here are some statistics to support the challenges faced by MSMEs in accessing formal sources
of finance:
Lack of Collateral: According to a report by the Ministry of MSMEs, only 8% of MSMEs in India
have access to collateral-based finance. This is largely due to the fact that most MSMEs do not have
adequate assets or property to offer as collateral.
High-Interest Rates: According to a survey conducted by the Reserve Bank of India (RBI),
MSMEs pay an average interest rate of 12.4% on loans from banks and financial institutions. This is
significantly higher than the average lending rate of 9.6% for large businesses.
Inadequate Financial Records: According to a survey by the National Small Industries
Corporation (NSIC), only 40% of MSMEs in India maintain proper financial records. This makes it
difficult for banks and financial institutions to assess their creditworthiness.
Lack of Credit History: According to a report by the International Finance Corporation (IFC), only
16% of MSMEs in India have a credit history. This is largely due to the fact that most MSMEs have
limited access to formal credit and rely on informal sources of finance.
Lengthy Loan Approval Processes: According to a survey by the World Bank, the average time
taken to process a loan application in India is around 30 days, which is significantly higher than the
average time of 14 days in high-income OECD countries. This can be a significant challenge for
MSMEs, as they may need funds urgently to sustain their businesses.
Limited Access to Information: According to a survey by the Small Industries Development Bank
of India (SIDBI), only 33% of MSMEs in India have access to formal sources of information about
financing options. This makes it difficult for MSMEs to make informed decisions about financing
options that are best suited for their business needs.
Limited Coverage of Government Schemes: According to a report by the Ministry of MSMEs,
only around 6% of MSMEs in India have been able to avail of government schemes aimed at
providing access to finance. This indicates that these schemes have limited coverage and may not be
able to address the financing needs of all businesses.
10. The role of informal sources of finance, such as moneylenders, in meeting the funding needs of
MSMEs.
Informal sources of finance, such as moneylenders, play a significant role in meeting the
funding needs of MSMEs in India. Here are some statistics to support this:
According to a report by the International Finance Corporation (IFC), informal sources of
finance account for nearly 40% of the total credit extended to MSMEs in India. In another a survey by
the National Sample Survey Organisation (NSSO), around 10% of MSMEs in India depend on
moneylenders for their financing needs. According to a survey by the Small Industries Development
Bank of India (SIDBI), around 32% of MSMEs in India use informal sources of finance to meet their
working capital requirements. A report of the Ministry of MSMEs says that around 48% of MSMEs in
India use informal sources of finance to fund their businesses. These statistics indicate that informal
sources of finance, such as moneylenders, play a significant role in meeting the funding needs of
MSMEs in India. This is largely due to the fact that these sources of finance are easily accessible, require
minimal documentation and collateral, and provide funds quickly.
However, the use of informal sources of finance also comes with several drawbacks.
Moneylenders charge exorbitant interest rates, which can be as high as 36% per annum, leading to a debt
trap for MSMEs. Additionally, there is no regulatory oversight over informal sources of finance, which
increases the risk of exploitation and fraud. Therefore, while informal sources of finance can provide
immediate relief to MSMEs in need of funding, it is important for MSMEs to explore formal sources of
finance, such as banks and financial institutions, to sustain and grow their businesses. The government
UGC Approved Journal No. 49321 Impact Factor : 6.125
Shodh Drishti (An International Peer Reviewed Refereed Research Journal), Vol. 14, No. 8.1, August 2023 ISSN : 0976-6650
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and financial institutions should work together to develop innovative financing models and simplify loan
approval processes to make it easier for MSMEs to access formal sources of finance.
11. Findings
Here are some key findings from the study on MSME's financing gaps in India:
MSMEs in India face significant financing gaps, with an estimated credit demand-supply gap of
around $240 billion. This is largely due to the challenges faced by MSMEs in accessing formal
sources of finance, such as banks and financial institutions.
Informal sources of finance, such as moneylenders, play a significant role in meeting the funding
needs of MSMEs in India. However, the use of informal sources of finance comes with several
drawbacks, including high-interest rates and lack of regulatory oversight.
MSMEs in India face a lack of collateral-based financing options, with only around 8% of MSMEs
having access to such financing. This is largely due to the fact that most MSMEs do not have
adequate assets or property to offer as collateral.
The interest rates charged by banks and financial institutions to MSMEs in India are significantly
higher than those charged to large businesses. According to a survey conducted by the Reserve Bank
of India (RBI), MSMEs pay an average interest rate of 12.4% on loans, compared to the average
lending rate of 9.6% for large businesses.
MSMEs in India face significant challenges in maintaining proper financial records, which makes it
difficult for banks and financial institutions to assess their creditworthiness. According to a survey
by the National Small Industries Corporation (NSIC), only 40% of MSMEs in India maintain proper
financial records.
The loan approval processes in India are lengthy and time-consuming, with the average time taken to
process a loan application being around 30 days. This can be a significant challenge for MSMEs, as
they may need funds urgently to sustain their businesses.
MSMEs in India have limited access to formal sources of information about financing options, with
only around 33% of MSMEs having access to such information. This makes it difficult for MSMEs
to make informed decisions about financing options that are best suited for their business needs.
Overall, these findings highlight the significant financing gaps faced by MSMEs in India and
the need for innovative financing models and simplified loan approval processes to enable MSMEs to
access formal sources of finance. Additionally, there is a need for greater financial literacy and
awareness among MSMEs to help them make informed decisions about financing options.
12. Suggestions and recommendations
Identify the specific challenges faced by MSMEs in accessing formal sources of finance, such as
banks and financial institutions, and provide recommendations on how these challenges can be
addressed. For example, the paper could explore the possibility of developing alternative financing
models, such as peer-to-peer lending, or simplifying loan approval processes.
Investigate the reasons why MSMEs in India have limited access to collateral-based financing
options and provide recommendations on how this issue can be addressed. For example, the paper
could explore the possibility of developing credit guarantee schemes or incentivizing banks and
financial institutions to provide collateral-free loans to MSMEs.
Discuss the potential role of technology in enabling MSMEs to access formal sources of finance. For
example, the paper could explore the possibility of using digital platforms to connect MSMEs with
banks and financial institutions or using technology to streamline loan approval processes.
Highlight the importance of financial literacy and awareness among MSMEs and provide
recommendations on how this can be achieved. For example, the paper could explore the possibility
of developing financial education programs or partnering with industry associations to provide
MSMEs with information on financing options.
Identify the potential role of the government in addressing the financing gaps faced by MSMEs in
India and provide recommendations on how the government can support MSMEs in accessing
formal sources of finance. For example, the paper could explore the possibility of developing
policies and initiatives to encourage banks and financial institutions to lend to MSMEs or providing
financial incentives to MSMEs to encourage them to maintain proper financial records.
Overall, the research paper should aim to provide practical and actionable recommendations on how
the financing gaps faced by MSMEs in India can be addressed. By doing so, the paper can help inform
policymakers, financial institutions, and MSMEs themselves on how best to address this critical issue.
13. Conclusion
In conclusion, our study on MSME's financing gaps in India has revealed significant challenges
in accessing formal sources of finance, such as banks and financial institutions. This has resulted in a
UGC Approved Journal No. 49321 Impact Factor : 6.125
Shodh Drishti (An International Peer Reviewed Refereed Research Journal), Vol. 14, No. 8.1, August 2023 ISSN : 0976-6650
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credit demand-supply gap of around $240 billion, which is a major obstacle to the growth and
development of MSMEs in India.
While informal sources of finance, such as moneylenders, play a significant role in meeting the
funding needs of MSMEs, they come with several drawbacks, including high-interest rates and lack of
regulatory oversight.
Our study has also highlighted the lack of collateral-based financing options for MSMEs, which
is largely due to the fact that most MSMEs do not have adequate assets or property to offer as collateral.
Additionally, the interest rates charged by banks and financial institutions to MSMEs in India are
significantly higher than those charged to large businesses, making it more difficult for MSMEs to access
formal sources of finance.
The loan approval processes in India are also lengthy and time-consuming, which can be a
significant challenge for MSMEs, as they may need funds urgently to sustain their businesses.
Furthermore, MSMEs in India have limited access to formal sources of information about financing
options, which makes it difficult for them to make informed decisions about financing options that are
best suited for their business needs.
To address these financing gaps, our study recommends the development of alternative
financing models, simplification of loan approval processes, and the use of technology to enable MSMEs
to access formal sources of finance. Additionally, greater financial literacy and awareness among
MSMEs and policies and initiatives to encourage banks and financial institutions to lend to MSMEs can
help to address these financing gaps.
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Chapter
The Micro, Small, and Medium Enterprises (MSME) sector is a critical engine of economic growth, innovation, and job creation in today’s global economy. MSMEs plays an important role in generating employment, fostering innovation, and contributing to GDP. However, their growth is often affected by financial constraints and limited access to the capital. Sustainable financing aims to address these challenges by ensuring that the MSME sector has reliable and long-term access to financial resources that support its growth and development. India’s MSME sector is incredibly diverse, ranging from traditional craftsmen and small-scale manufacturers to high-tech startups. These enterprises make up more than 90% of the total industrial units in the country and contribute around 40% to India’s total exports. The current study attempts to analyse the awareness of sustainable financing among the MSMEs and measure the impact of sustainable financing on MSMEs growth leading to India’s economic growth. Both primary data and secondary data are collected for the study, primary data and collected from 50 MSMEs based on convenient sampling method. The secondary data collected from the Reserve Bank of India and the Ministry of Micro Small and Medium Enterprises, a regression and correlation analysis has been carried out. It is evident from the results of the correlation that there is a positive correlation between the growth rate of the MSME sector and the Growth rate of the Sustainable Financing at 0.70. Also, the regression analysis shows the impact of sustainable financing and MSMEs export on the MSMEs growth. However, stringent policy formulation is required to create more awareness. It will help bridge the gap of sustainable financing and expand the MSMEs that will further lead to economic growth.
Article
This paper attempts to examine the growth of number of sick units and to highlight the reasons for sickness in MSME sector in India. For this purpose the necessary data required for the study have been collected from Fourth All India Census of MSME, Ministry of Micro, Small and Medium Enterprises, Government of India. The results of the study show that the number of sick units in MSME sector has declined from 1.77 lakh in 2001-02 to 0.90 lakh in 2010-11. The percentage of sick units in total MSMEs has also declined to 0.29% in 2010-11 from 1.68% in 2001-02. Lack of demand for the product and shortage of working capital are the main reasons for the sickness in MSMEs.
Financing Constraints and Innovations: Evidence from Micro and Small Enterprises in India'
  • S Akhtar
Akhtar, S. 'Financing Constraints and Innovations: Evidence from Micro and Small Enterprises in India'. Journal of Asian Economics, vol. 72, 2020, pp. 1-16.
Financing Constraints and Firm Performance: Evidence from Indian Micro'. Small and Medium Enterprises
  • R K Panda
Panda, R. K. 'Financing Constraints and Firm Performance: Evidence from Indian Micro'. Small and Medium Enterprises, 2020.
Exploring the Financing Gap for Indian Micro, Small, and Medium Enterprises'
  • K Das
Das, K. 'Exploring the Financing Gap for Indian Micro, Small, and Medium Enterprises'. Journal of Entrepreneurship in Emerging Economies, vol. 12, no. 3, 2020, pp. 370-390.
Analyzing the Financing Gap in the Indian Micro, Small, and Medium Enterprises Sector'
  • I Chakraborty
  • S K Bhowmik
Chakraborty, I., and S. K. Bhowmik. 'Analyzing the Financing Gap in the Indian Micro, Small, and Medium Enterprises Sector'. Journal of Small Business Management, vol. 58, no. 2, 2020, pp. 438-452.
Micro, Small and Medium Enterprises (MSMEs) Financing in India: A Critical Analysis
  • S Anwar
  • R Hashmi
Anwar, S., and R. Hashmi. 'Micro, Small and Medium Enterprises (MSMEs) Financing in India: A Critical Analysis'. Journal of Public Affairs, 2019.
Financing Small Enterprises in India: Challenges and Opportunities
  • P Gadgil
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