An alarming news has come out of Gujarat regarding the industry world, which has created a stir in the business circles of the state. According to a recent report issued by the central government, over 12 thousand MSME units in Gujarat have closed down permanently in the last 5 years. Due to this widespread recession and economic challenges, the small and medium enterprises of the state are in trouble.
Gujarat ranks third in the country in terms of closures
Talking about the current status of the MSME sector in the state, a total of 12,769 units have been closed since the year 2021-22 out of a total of 42.17 lakh registered units. With these serious figures, Gujarat has reached the third position in terms of MSME closures in the entire country. However, Maharashtra and Tamil Nadu topped the list with even more units closing in the state.
Serious impacts on employment and economy
The state’s local economy and employment opportunities are adversely affected due to large-scale closure of industries. A serious question mark has also been created against the livelihood of workers and artisans associated with small industries. The industrialists are demanding that special packages or policy changes be brought by the government and administration to revive this sector in the near future.
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