TECH SHOWS THE WAY TO SMES' REVIVAL

As the Coronavirus continues to exist and move freely across nations, the Indian economy had to stand back at its feet and rebuild itself. MSMEs and SMEs were badly bruised by the pandemic, and its remedy is machine intelligence, data security and cloud computing, among others.

- Madhuparna Roy Sukul

The pandemic has dramatically changed the world by reshaping and remodeling our livelihoods. The economy has faced multiple crises, like health, and financial. With an average rate of contraction recorded at 7.3 per cent for the entire financial year 2020-21, the country recorded its largest drop in GDP in history. The hardest hit were the Indian households, workers, and small businesses. Around 10 million people lost their jobs during the second wave of Covid, leaving many people with no income.

However, as every cloud has a silver lining, some people proved how moments of adversity in life can be the greatest opportunities. Chef Amit Wadhawan from Gurgaon lost his job in May 2020 and that’s when he decided to follow his passion. He soon launched his range of jams (from Kiwi to apple jam), malted chocolate, gluten-free options, and more, which soon became a hit.

Pooja Goel, an MBA in marketing, lost her job offer with a digital business transformation company due to the pandemic, which came through an end-to-end campus recruitment campaign. Initially bewildered, she then came up with the idea of launching a platform (Pink Collar Professionals) that supports small businesses (edtech, clothing, handmade ornaments) led by women. The company helps promote its business through different digital marketing strategies and ideas. Goel, in association with the Smile Foundation, also imparts digital skills training to rural women.