The MSME sector, the second largest in the country after agriculture, has been growing at a robust pace and contributing immensely to the economy. The Government, too, has been pushing its growth. In times of the pandemic, the MSMEs need to adapt various technological developments in order to, not only survive, but also to continue thriving. This will give a huge kick to the technology, and also to the economic growth of the country.
Micro, small and medium enterprises (more commonly known by their abbreviated form, MSMEs) can rightly be called the backbone of India’s GDP. The MSME sector in the country has been consistently growing at an exponential rate and proved to be a boon to India’s economy. The sector comprises about 63.4 million companies, employs over 111 million people and is the largest industrial sector, after agriculture.
There is no doubt that technological development is a catalyst for growth, not only among the MSMEs but also the economy on the whole. The ongoing COVID-19 pandemic has made the MSME sector aware towards the benefits of adopting technological advancements in order to survive, and thrive. MSMEs are now adopting technology in multiple ways, particularly with regard to the mobile technology. The widespread adoption of cellphone solutions has created major opportunities for India to experience and find new channels to reach huge populations on key issues of social and economic importance.
- The MSME sector comprises 63.4 million companies, employs over 111 million people and is the largest industrial sector, after agriculture.
- The COVID-19 pandemic has made the MSME sector aware towards the benefits of adopting technological advancements to survive, and thrive.
- With various policies and easy bank loans, the Government has been open to the idea of their ever-expanding businesses.
- Expanding the customer reach by unlocking new markets and exploring the present one, too, is an added advantage offered by the technology.
Although small businesses don’t necessarily have the resources to make large investments in technology, the Government has been acting as a catalyst in boosting the sector immensely. With various policies and easy bank loans, tailor-made for MSMEs, the Government has been open to the idea of their ever-expanding businesses. In the pandemic-hit world, adopting digital technologies can help MSMEs further to take the full advantage of the opportunities available in today’s fast-changing environment.
MSMEs can leverage digital solutions to build a strong online presence through websites, automated sales and marketing, and also setting up online stores. Expanding the customer reach by unlocking new markets and exploring the present one, too, is an added advantage offered by the technology. Adapting to the latest technology can also help MSMEs manage finances and boost their productivity and profitability.
Besides, the pandemic has given a push to several new-age technology startups. These startups offer digital or remote work office automation services, cloud connection, healthcare services, educational, financial services and gaming, grocery and essentials delivery services among others; all these at competitive costs. By collaborating with such startups, MSMEs can not only give a huge kick to the technology but also to the economic growth of the country.