Survey shows 78% of MSMEs and Start-Ups reduced workforce; 25% were shut down
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As per a survey by Local Circles, only 22% of startups have the same or increased workforce as compared to the pre-COVID-19 levels. India's startups and MSMEs ecosystem went through a torrid time due to the COVID-19 pandemic and the following lockdown. With revenues and operations getting impacted for most businesses, many end up cutting costs and some even shut down temporarily or permanently.