MSMEs Must Inculcate New Technologies And Solutions

As digital technologies make business processes automated and establish new productivity benchmarks, micro, small and medium enterprises (MSME) should adopt the new technologies and solutions which would help them reach the next level of growth, a senior official said.

At a recent session of the MSME Business Forum, Ramanan Ramanathan, Mission Director, Atal Innovation Mission, Niti Aayog noted that with support from the government for going digital, India is leading the growth in driving digital initiatives.

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"India is the fastest-growing e-commerce market. Digital payments have grown at a CAGR of 61 percent over the past three years. MSMEs can leapfrog to the next level and power India's economy to a different level by leveraging digital technologies' power," a statement by MSME Business Forum quoted him as saying.

The official added that MSMEs can use technologies such as the cloud to roll out digital business models quickly. Additionally, technologies like AI, IoT, Blockchain, and Analytics can be leveraged to their full potential to roll out innovative products and service business models, he said.

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"The Indian MSME sector stands at the cusp of a new dawn. It has a golden opportunity to springboard to a new level by leveraging digital technologies' power and potential. For the MSME sector, it is now time to embrace the future, and this is the perfect time to do so," Ramanathan said. (IANS)