In a developing country like India, MSMEs are the backbone of the economy. The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries.

There are about 6.3 crore MSMEs in the country which contributes about 29 percent to India’s Gross Domestic Product (GDP).

To understand more about the role of MSMEs in the Indian economy and how the COVID-19 pandemic has impacted the sector Kunika Balhotra, Research and Communications Officer for Suno India, spoke to Amit Basole, Associate Professor of Economics at Azim Premji University in Bangalore in this episode of our podcast series, Indian Economy Explained.

In a developing country like India, MSMEs are the backbone of the economy. The MSME sector contributes to 45% of India&rsquo;s Total Industrial Employment, 50% of India&rsquo;s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries.
There are about 6.3 crore MSMEs in the country which contributes about 29 percent to India&rsquo;s Gross Domestic Product (GDP).
To understand more about the role of MSMEs in the Indian economy and how the COVID-19 pandemic has impacted the sector <a href="https://twitter.com/BalhotraKunika">Kunika Balhotra</a>, Research and Communications Officer for Suno India, spoke to&nbsp;<a href="https://twitter.com/amitbasole">Amit Basole</a>, Associate Professor of Economics at Azim Premji University in Bangalore in this episode of our podcast series, Indian Economy Explained.

Every few months we read statistics related to the economy in the news. Whether it is about government claims of the economy growing, or job losses, industries suffering, the economy is on our minds 

But how much do we understand about it? What factors affect economic growth? And how are we affected by it? To understand how the larger principles of the Indian economy affects us, we at Suno India are bringing in a new series called Indian Economy Explained. 

In the “Indian Economy Explained” series host Kunika Balhotra will bring insightful discussions with reputed economists, researchers, professors and people working in the financial and developmental sector to understand broad principles about our economy and help contextualise the tumultuous times we live in.

Every few months we read statistics related to the economy in the news. Whether it is about government claims of the economy growing, or job losses, industries suffering, the economy is on our minds&nbsp;
But how much do we understand about it? What factors affect economic growth? And how are we affected by it? To understand how the larger principles of the Indian economy affects us, we at Suno India are bringing in a new series called Indian Economy Explained.&nbsp;
In the &ldquo;Indian Economy Explained&rdquo; series host Kunika Balhotra will bring insightful discussions with reputed economists, researchers, professors and people working in the financial and developmental sector to understand broad principles about our economy and help contextualise the tumultuous times we live in.

Indian Economy Explained

The economy of India is characterised as a middle income developing market economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).  An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. 

To understand all these aspects and the issues like GDP and economic slowdown, role of MSMEs, women participation in economy and many more tune into our latest series Indian Economy Explained.

This series features insightful discussions with reputed economists, researchers, professors and people working in the financial sector.

The economy of India is characterised as a middle income developing market economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).&nbsp; An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents.&nbsp;
To understand all these aspects and the issues like GDP and economic slowdown, role of MSMEs, women participation in economy and many more tune into our latest series Indian Economy Explained.
This series features insightful discussions with reputed economists, researchers, professors and people working in the financial sector.

Role of Micro, Small and Medium Enterprises (MSME)s in India’s Economy

Many semi skilled workers are taking up jobs with online companies such as Zomato, Ola, Uber among others. The gig economy has produced about 8 million jobs and is expected to triple to 24 million jobs in the next 3-4 years.

While the sector offers opportunities to informal sector workers to get relatively better paying jobs, with flexible work timings and locations. But the question remains if these working conditions are better suited for the workers in terms of having sustained income. The lack of health benefits, the unpredictable working conditions leave a lot to be desired in these jobs. To find out more about ‘gig’ work and the challenges it imposes on its workforce, Kunika Balhotra, Suno India’s Research and Communication Officer reached out to Ambika Tandon.

Ambika is a Senior Policy Officer at the Center for Internet and Society. She works on the intersections between technology and gender. She spoke about how companies focus on increasing social security and health benefits for their gig employees.

Additional Reading:

Unlocking the Potential of the Gig Economy in India
The Indian Federation of App-based Transport Workers: A case study
Locking down the Impact of COVID-19
The Gig Economy and COVID-19: Fairwork Report on Platform Policies

Many semi skilled workers are taking up jobs with online companies such as Zomato, Ola, Uber among others. The gig economy has produced about 8 million jobs and is expected to triple to 24 million jobs in the next 3-4 years.
While the sector offers opportunities to informal sector workers to get relatively better paying jobs, with flexible work timings and locations. But the question remains if these working conditions are better suited for the workers in terms of having sustained income. The lack of health benefits, the unpredictable working conditions leave a lot to be desired in these jobs. To find out more about &lsquo;gig&rsquo; work and the challenges it imposes on its workforce, Kunika Balhotra, Suno India&rsquo;s Research and Communication Officer reached out to&nbsp;<a href="https://twitter.com/ambikatandon?lang=en">Ambika Tandon</a>.
Ambika is a Senior Policy Officer at the&nbsp;<a href="https://cis-india.org/">Center for Internet and Society</a>. She works on the intersections between technology and gender. She spoke about how companies focus on increasing social security and health benefits for their gig employees.
Additional Reading:
<a href="https://media-publications.bcg.com/India-Gig-Economy-Report.pdf">Unlocking the Potential of the Gig Economy in India</a> <a href="https://clb.org.hk/content/indian-federation-app-based-transport-workers-case-study">The Indian Federation of App-based Transport Workers: A case study</a> <a href="https://drive.google.com/file/d/1vO-j8uiulEM4CCQSMgOYtZ4pI202wMQf/view">Locking down the Impact of COVID-19</a> <a href="https://fair.work/wp-content/uploads/sites/97/2020/06/COVID19-Report-Final.pdf">The Gig Economy and COVID-19: Fairwork Report on Platform Policies</a>

Can gig work help generate sustainable jobs

The Union budget 2021 claimed a 137 percent increase in health and well being. However, the Union health budget still remains at about 0.34% of GDP – a slight increase from 0.31% last year’s budget estimate.

The biggest scheme introduced in the past few years is the Ayushman Bharat scheme. In February 2020, the Finance Minister, Nirmala Sitharaman slashed the budget from Rs 6,400 crore to Rs 3,314 crore for the Ayushman Bharat Scheme. Also known as Pradhan Mantri Jan Aarogya Yojana (PMJAY), this scheme was rolled out to cover a population of about 50 crores. However, this scheme though has been underutilised and has not made health more accessible to people.

With the unprecedented COVID-19 situation globally, India is also struggling with the health-related human resources of doctors, nurses and other healthcare workers. And, it’s important to understand the economic approach to handling the inequalities in the healthcare sector in the country.

To know more about the role of health economics in the country and health budgeting, Kunika Balhotra, Suno India’s Research and communications Officer spoke to Dipa Sinha.

Dipa is an Assistant Professor of Economics at the School of Liberal Studies, Ambedkar University, Delhi (AUD). Before joining AUD, she worked with the Office of Commissioners to the Supreme Court, Centre for Equity Studies and Public Health Research Network, and is actively involved with the Right to Food Campaign.

The Union budget 2021 claimed a 137 percent increase in health and well being. However, the Union health budget still remains at about 0.34% of GDP &ndash; a slight increase from 0.31% last year&rsquo;s budget estimate.
The biggest scheme introduced in the past few years is the Ayushman Bharat scheme. In February 2020, the Finance Minister, Nirmala Sitharaman slashed the budget from Rs 6,400 crore to Rs 3,314 crore for the Ayushman Bharat Scheme. Also known as Pradhan Mantri Jan Aarogya Yojana (PMJAY), this scheme was rolled out to cover a population of about 50 crores. However, this scheme though has been underutilised and has not made health more accessible to people.
With the unprecedented COVID-19 situation globally, India is also struggling with the health-related human resources of doctors, nurses and other healthcare workers. And, it&rsquo;s important to understand the economic approach to handling the inequalities in the healthcare sector in the country.
To know more about the role of health economics in the country and health budgeting,&nbsp;<a href="https://twitter.com/BalhotraKunika">Kunika Balhotra</a>, Suno India&rsquo;s Research and communications Officer spoke to&nbsp;<a href="https://twitter.com/sinhadipa">Dipa Sinha</a>.
Dipa is an Assistant Professor of Economics at the&nbsp;<a href="https://sls.aud.ac.in/">School of Liberal Studies</a>, Ambedkar University, Delhi (AUD). Before joining AUD, she worked with the Office of Commissioners to the Supreme Court, Centre for Equity Studies and Public Health Research Network, and is actively involved with the Right to Food Campaign.

The role health budget plays in India’s economy

On March 15 and 16th of 2021, the United Forum of Bank Unions called for a two day strike in order to oppose the proposed privatization of Public Sector Banks by the Centre. 

The Finance Minister, Nirmala Sitharaman in her Union Budget Speech 2021-22 stated that the Centre wanted to privatise IDBI and two other banks. More than 10 lakh banking employees have gone on strike in March 2021 against privatisation. 

Let’s go down to the basics of banking- What is the function of banks, and how did they evolve. To get the answers to these fundamental questions on banking, Kunika Balhotra, Suno India’s Research and Communications Officer reached out to Amol Agrawal. 

Amol is a faculty in the Economics Area at Amrut Mody School of Management at Ahmedabad University. He has about 10 years of Work Experience mainly as an economist in financial markets in Mumbai. He is an avid blogger and his blog is consistently ranked amidst top 100 economics blogs in the world.

Check out his blogs, “Mostly Economics” here. 

On March 15 and 16th of 2021, the&nbsp;United Forum of Bank Unions called for a two day strike in order to oppose the proposed privatization of Public Sector Banks by the Centre.&nbsp;
The Finance Minister, Nirmala&nbsp;Sitharaman&nbsp;in her Union Budget Speech 2021-22 stated that the Centre wanted to&nbsp;<a href="https://www.business-standard.com/article/economy-policy/bank-strike-ends-unions-warn-stir-if-govt-goes-ahead-with-privatisation-121031601242_1.html">privatise</a>&nbsp;IDBI and two other banks. More than 10 lakh banking employees have gone on strike in March 2021 against privatisation.&nbsp;
Let&rsquo;s go down to the basics of banking- What is the function of banks, and how did they evolve. To get the answers to these fundamental questions on banking, Kunika Balhotra, Suno India&rsquo;s Research and Communications Officer reached out to&nbsp;<a href="https://twitter.com/mostlyeconomics">Amol Agrawal</a>.&nbsp;
Amol is a faculty in the Economics Area at Amrut Mody School of Management at Ahmedabad University. He has about 10 years of Work Experience mainly as an economist in financial markets in Mumbai. He is an avid blogger and his blog is consistently ranked amidst top 100 economics blogs in the world.
Check out his blogs, &ldquo;Mostly Economics&rdquo;&nbsp;<a href="https://mostlyeconomics.wordpress.com/about/">here</a>.&nbsp;

Role of Micro, Small and Medium Enterprises (MSME)s in India’s Economy

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