IT NEEDS NO REITERATION THAT DATA IS THE new oil. Big or small, all enterprises must capture the value that data offers to promote more sustainable operations while ensuring greater market share and viability. Also, the recent unprecedented challenges have further spurred the adoption of digitisation technology across sectors. For many players, particularly MSMEs in manufacturing, this has been a blessing in disguise because those reluctant to embrace digitalisation due to cost constraints or other reasons soon realised the benefits of doing so.
ATMA NIRBHARTA AND 'MAKE IN INDIA'
In essence, the digitalisation of manufacturing, especially for MSMEs, can help boost the Atmanirbhar Bharat mission under the aegis of the 'Make in India' programme. With approximately 63 million MSMEs in India, the segment's contribution towards GDP is around 29% via national and international trade. Therefore, adopting digital is crucial. Whether it is access to R&D facilities or the ability to sell their products across wider markets, digital is vital in facilitating multiple new opportunities.
Some elaboration is required to understand how this happens. It is well known that Atmanirbhar Bharat is meant to make India a global manufacturing and services hub. As the Centre has clarified, an Atmanirbhar Bharat or self-reliant India doesn't denote closing the economy. Rather, it's about connecting the country to global supply chains so India emerges as a universal hub of manufacturing and services. Therefore, the vision will not only be 'vocal for local' but 'vocal for global too. This will assist in creating a virtuous cycle of domestic manufacturing for national and international markets.
This story is from the January 2022 edition of Manufacturing Today.
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This story is from the January 2022 edition of Manufacturing Today.
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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