The COVID pandemic caused large-scale suffering globally but proved to be a substantial test of the resilience of several business models. It has also had a cascading effect on already marred supply chains that have been further exacerbated due to geopolitical tensions—the dearth of human capital during lockdowns enforced by the government significantly reduced supplier capacity. As a result, essential raw materials could not move up the supply chain, leaving several gaps in between, leading to crippling bottlenecks. 

In India, SMEs and MSMEs became unfortunate victims, with an average decline of 11% in their business in 2021. Many SMEs were forced to give up their margins or, worse, close for months or shut down forever.