Need For Technology Adoption In MSME Sector
As humanity stands on the cusp of the Fourth Industrial Revolution or Industry 4.0, businesses worldwide including in India are reinventing themselves. Ironically enough, the MSME sector in the country has remained on the periphery of this industrial resurgence and reinvention.
Limited to basic level technologies and processes adopted by manufacturing and services, it is time for the MSME sector to take that technological leap of faith and pick up its pace in keeping with the rest of the industry and indeed the world.
For a sector which contributes to 29% of GDP, 45% of manufacturing and 40% of exports employing over 11 crore people, the recent fallout from Covid has made it all the more pressing. Various surveys have reported that majority of MSMEs have not only faced plummeting sales but even closures in the face of precipitous fall in demand as well as disrupted supplies.
Estimates have been made that the sector as a whole would take at least 7 to 8 months to recover depending on the nature of the economic activity itself as well as swiftness in adoption of new-age technologies.