- India Brand Equity Foundation (IBEF)
TECH-BASED SOLUTIONS TO EMPOWER THE INDIAN MSME LANDSCAPE
Overview – MSMEs Sector in India
Micro, Small and Medium Enterprises (MSMEs) in India play a pivotal role in generating employment opportunities at lower capital cost, reducing regional imbalances and promoting industrialization in rural areas.
Almost all sectors in India including MSMEs are undergoing significant transformation owing to digital initiatives brought about by new-age technologies such as artificial intelligence, data analytics, machine learning and financial & accounting intelligence.
New-age technologies are also spurring new business models in MSMEs such as the following: Brego—provides real-time insights from a firm’s financial data; LendenClub—connects lenders and verified borrowers through its platforms; and Meesho—enables small businesses to sell products online through social media channels.
Most of these technologies are designed to help MSMEs automate and generate intelligence from their daily operations or connect with stakeholders (such as financial institutions, buyers or suppliers) to help them increase productivity and innovate further.