Strategies to revive MSME post Covid-19: Wrt Jamnagar Brass Parts Industry

Abstract

The concept of Industrial Cluster Development has been more of a theoretical discussion rather than a business strategy in India. However, this has proved to be a very successful approach in countries like China & Italy where it helped accelerate the manufacturing sector and promoted more MSMEs. The COVID-19 pandemic has provided an opportunity to rejuvenate and restructure the Businesses in the MSME sector which has been affected severely by a series of events. This paper focuses on the Jamnagar Industrial Cluster for Brass Parts and studies how regional economics is driven by collective innovation, agglomeration, and competitive participation which in turn develops the industrial district economy. The study is also on the merits of the SME-CDP scheme and its optimistic implementation on the national level. If adopted, the model has the potential to drive exports of region-specific products and also participate in a broader Supply Chain on a global platform.