MSMEs have become the backbone of the national economy, contributing 61.9% to GDP. However, many MSMEs seeking to expand their businesses are still constrained by financing issues. Deregulation and other breakthroughs are needed to help MSMEs move up and achieve sustainable growth.
As many as 40% of respondents stated that MSMEs face difficulties in gaining access to bank credit. The survey also highlighted three key factors for MSME development: easier access to credit, effective promotion and market expansion strategies, and sound business management.
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