MSMEs segment is the backbone of the Indian economy. However, in the past few years, challenges such as demonetisation, supply chain bottlenecks, financial crisis, and adopting to digital ecosystem have been rocking the MSMEs sector.
The growing importance of digitalisation in MSMEs is not only the policy agenda but is also important for the survival of this segment. Digitalisation will not only improve their competitiveness, but also benefit society at large because SMEs are the main service providers in the regional economic growth and innovations.
Though digitalisation is the buzzword today, anxieties about how to adopt it and the impact of this transformation in business are still restricting its adoption in many an organisation.
The MSME sector is critical to the growth of a country like India, especially because of its huge population, as it fosters entrepreneurship and employment opportunities. This sector reduces the problem of disguised unemployment by absorbing the agricultural labours during the lean season. This segment also extends support to the large industries in the form of ancillary units and plays a significant role in the entire value chain of the business. Since almost 51% of Indian MSMEs are based in the rural regions, the sector contributes to the economic empowerment and social inclusion of the rural population. They are engaged in diversified fields ranging from traditional rural handicrafts to technology oriented industrial units.
This story is from the February 2021 edition of Indian Management.
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This story is from the February 2021 edition of Indian Management.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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