Role of digital empowerment for MSMEs: A big step to strengthen their resilience
It’s no exaggeration to state that the empowerment of MSMEs is in our national interest. They exist in millions, employ most of the country’s working population, and earn the highest foreign exchange. Who are they? They are first, or second-generation entrepreneurs, employing five-to-five hundred qualified/skilled/unskilled Indians. They grow organically; they are more self-funded and less bank-funded. They compete on global standards, and going digital is the way forward for them to survive, grow, and excel. Digital empowerment of MSMEs can be a game-changer in making them globally competitive and resilient to uncertainties of the business. Digital empowerment of MSMEs is a massive exercise about understanding their challenges, visualizing solutions, building ecosystems, creating awareness, and incentivizing entrepreneurs. India has already started doing it. We can understand it better by understanding their challenges and the impact of digital empowerment to overcome them.