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INTERNATIONAL JOURNAL OF ADVANCED RESEARCH IN COMMERCE, MANAGEMENT & SOCIAL SCIENCE (IJARCMSS) [ Vol. 9 | No. 3 (III) | July - September, 2026 ]

Impact of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) on Trade and Commerce of MSMEs in India: A Multidimensional Empirical Analysis

Dr. Monika Panchal & Prof. Shurveer Singh Bhanawat

Purpose:To empirically investigate the multidimensional impact of CGTMSE on trade and commerce in India across five dimensions: financial accessibility, business growth, market access and trade competitiveness, sectoral variations, and policy implementation. Design/Methodology/Approach: The study uses a cross-sectional pilot design and a 50-item Likert-scale questionnaire (α = 0.912), administered to 50 CGTMSE beneficiaries. Data were analyzed using mean score analysis and Chi-square tests of independence at a 5% significance level (α = 0.05). Cronbach's alpha confirmed the instrument’s reliability, ranging from 0.809 to 0.863 across factors. Findings: Collateral-free lending (mean=4.40) was the highest-impact figure. Business growth impacts on machinery investment, profitability, employment, and market entry were (χ²=16.0-18.0, p<0.001). Pragmatic Implications: Provides research-based guidance for the Ministry of MSME, SIDBI, RBI, and the CGTMSE Trust to focus on information campaigns, digital governance reforms, sector-sensitive policy instruments, and capability enhancement integration. Originality/value: One of the first empirical studies to assess CGTMSE impact across five dimensions simultaneously, using primary beneficiary data, bridging a major gap in India's MSME credit guarantee literature. Incorporates the most current (2025) data from SIDBI, the Ministry of MSME, and CGTMSE.

Panchal, M. & Bhanawat, S. (2026). Impact of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) on Trade and Commerce of MSMEs in India: A Multidimensional Empirical Analysis. International Journal of Advanced Research in Commerce, Management &Amp; Social Science, 09(03(III)), 175–187. https://doi.org/10.62823/ijarcmss/9.3(III).9467
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DOI:

Article DOI: 10.62823/ijarcmss/9.3(III).9467

DOI URL: https://doi.org/10.62823/ijarcmss/9.3(III).9467

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