Financial literacy is literally absent in a majority of Micro, Small and Medium Enterprises (MSMEs) in Karnataka, said C.A. Shashidhara Shetty, president, Karnataka Small Scale Industries Association (KASSIA).
Mr. Shetty said majority of MSMEs in the State had no financial literacy due to various factors, with the primary reason being lack of focus as entrepreneurs mostly multi-task, do most of the responsibilities on their own therefore left with little scope or having no inclination for them to learn finance-related functions.
Echoing similar sentiments, Sudatta Mandal, Deputy MD, SIDBI, said, lack of financial awareness was a major impediment which contributed to the MSMEs missing out on many benefits available to them.
