They remain stuck at subsistence levels performing yeoman's service to society and within knocking distance of poverty.
#Create nano enterprise registration
They do not maintain books of accounts, have no entity registration and possibly no collaterals. They have limited market access and no insurances. Supply chain connects them at highest costs. Banks/NBFC to not generally lend to them.
But they remain invisible to our economy. So, who are these nano entrepreneurs? They are our carpenters, plumbers, vendors, tailors, beauticians, artisans, agricultural traders, eateries and so on. Below this lies another 55 million unregistered enterprises employing 64 million people (corporate sector employs 31 million only) about whom very little is known. But much that is spoken and written of this sector is the creamy layer of top 13 per cent registered, 8 million enterprises that employ 46 million people. There are 63 million MSME that provide 110 million jobs. Micro, small and medium enterprises (MSMEs) contribute 28 per cent of GDP and 48 per cent of exports for India.
To the utter surprise of the project, the repayment rate was 97 per cent. These were uncollateralized grants that did have a repayment date, but it was made clear that payments should be made, when able. These were individuals whose businesses were deeply impacted by COVID, and the money was given to revive the businesses. Around INR 6.8 crore was distributed among 18,000 nano entrepreneurs (street vendors, beauticians, farmers, artisans) in ticket sizes of up to INR 40,000 as returnable grants. During the peak COVID period of 2020-21, a unique experiment was carried out by SAMHITA, a social venture.
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