As per the annual report, 2018-19 of the Ministry of Micro, Small and Medium Enterprises, Government of India, there were 633.88 lakh micro, small and medium enterprises (MSMEs) in the country engaged in different economic activities. Total employment in the MSMEs sector is estimated to be 1.109 lakh, and their contribution to gross domestic product (GDP) i pegged at 28.9 percent. in the wake of COVID-19, it was a particularly challenging time for MSMEs, many of which were on the brink of closing down their operations.