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180	180	Globally, MSMEs are regarded as the engine of equitable economic development, providing large employment opportunities in less developed regions. In India too, MSMEs have been the backbone of the Indian economy. According to the Annual Report of the Ministry of MSME of FY 2018-19, India is home to ~~6.34 crore MSMEs (51% are in rural areas and more than 99% of them are categorised as micro), which cumulatively accounted for 30% of nominal GDP. These MSMEs together employ ~~11.1 crore people with micro enterprises accounting for 97% of the total employment in the MSME sector.
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182		-= MSMEs =
	182	+== MSMEs ==
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184	184	Most of the MSMEs in India are informal in nature, which makes accessing finance a challenge for them partly due to their lack of comprehensive documentation for income proof and collaterals, perceived higher risk of the segment and higher cost of delivering services from the perspective of mainstream banks. Besides, the MSMEs’ informal set up also does not make it easy for them to avail government schemes, which are based on digital infrastructure and require beneficiaries to have some form of digital presence.
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