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'MSMEs should adopt new digital solution for growth'
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SME Times News Bureau | 05 Jan, 2021
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.
"India is the fastest-growing
e-commerce market. Digital payments have grown at a CAGR of 61 per cent
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.
"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.
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