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Adverse impact of lockdown during COVID-19 pandemic on micro-small and medium enterprises (Indian handicraft sector): A study on highlighted exit strategies and important determinants

Author

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  • Uma Shankar Yadav

    (Motilal Nehru National Institute of Technology Allahabad, Uttar Pradesh)

  • Ravindra Tripathi

    (Motilal Nehru National Institute of Technology Allahabad, Uttar Pradesh)

  • Mano Ashish Tripathi

    (Motilal Nehru National Institute of Technology Allahabad, Uttar Pradesh)

Abstract

The COVID-19 pandemic had a significant impact on the global economy. For small- and medium-sized businesses, particularly in the handicraft sectors, it was exceptionally difficult to maintain operations during a global crisis. Without crisis management plans in place, business owners run the risk of having their operations abruptly terminated. Therefore, the researchers sought to comprehend and study the factors that led to the shutdown and departure strategies of microenterprises (in the handicraft sector) during the pandemic. To conduct this study, a descriptive research design was used, and registered Indian micro-businesses in the Cavite region were specifically chosen. According to the study's findings, the majority of microenterprises were sole proprietorships with a capitalization of less than INR 600,000.00 (Asian Development Bank in The COVID-19 impact on Philippine businesses: key findings from the enterprise survey. http://dx.doi.org/10.22617/SPR200214-2 , 2020) and had been in business for three to six years. As a result, the respondents' most typical issues are Retooling and training of pandemic-sensitive enterprise strategies for micro-entrepreneurs, particularly in the handicraft sector, as well as research into the negative effects of lockdown on MSME, which are all examples of crisis-sensitive interventions among small industries (handicraft sector) entrepreneurs.

Suggested Citation

  • Uma Shankar Yadav & Ravindra Tripathi & Mano Ashish Tripathi, 2022. "Adverse impact of lockdown during COVID-19 pandemic on micro-small and medium enterprises (Indian handicraft sector): A study on highlighted exit strategies and important determinants," Future Business Journal, Springer, vol. 8(1), pages 1-10, December.
    • Handle: RePEc:spr:futbus:v:8:y:2022:i:1:d:10.1186_s43093-022-00166-0
    DOI: 10.1186/s43093-022-00166-0
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    References listed on IDEAS

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    1. Minh-Hoang Nguyen & Thanh-Hang Pham & Manh-Toan Ho & Huyen Thanh T. Nguyen & Quan-Hoang Vuong, 2021. "On the social and conceptual structure of the 50-year research landscape in entrepreneurial finance," SN Business & Economics, Springer, vol. 1(1), pages 1-29, January.
    2. Fairlie, Robert W., 2020. "The Impact of COVID-19 on Small Business Owners: Evidence of Early-Stage Losses from the April 2020 Current Population Survey," IZA Discussion Papers 13311, Institute of Labor Economics (IZA).
    3. Joseph Ato Forson & Samuel Gameli Gadzo & Emmanuel Atta Anaman & Abass Adams, 2022. "Correction: Online sales adoption and financial resilience in Sub-Sahara Africa: the moderating role of ownership and enterprise size during Covid-19 crisis," Future Business Journal, Springer, vol. 8(1), pages 1-1, December.
    4. Shinozaki, Shigehiro & Rao, Lakshman N., 2021. "COVID-19 Impact on Micro, Small, and Medium-Sized Enterprises under the Lockdown: Evidence from a Rapid Survey in the Philippines," ADBI Working Papers 1216, Asian Development Bank Institute.
    5. Joseph Ato Forson & Samuel Gameli Gadzo & Emmanuel Atta Anaman & Abass Adams, 2022. "Online sales adoption and financial resilience in Sub-Sahara Africa: the moderating role of ownership and enterprise size during Covid-19 crisis," Future Business Journal, Springer, vol. 8(1), pages 1-10, December.
    6. Emmanuel Genesis Andal & Amelia L. Bello & Ma. Angeles O. Catelo, 2021. "Coping and recovery strategies of MSMEs in the Laguna one year after COVID19," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 58(1 and 2), pages 241-263, June and .
    7. Amit Kundu & Dev Narayan Sarkar & Arabinda Bhattacharya, 2021. "The effect of uncertainty on the formulation of strategies: a study of selected Indian organizations," SN Business & Economics, Springer, vol. 1(1), pages 1-21, January.
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