What is the current scenario of tech adoption by SMEs and MSMEs in India?
India is a fast-growing nation giving tough competition to the superpowers on all fronts. In past years, India has witnessed rapid growth across all fronts be it businesses, defense, economy, sports, education, or other sectors. SMEs and MSMEs are considered to be the growth engines of the economy globally. They together make up to 90% of all the businesses globally, consisting of 70% of employment. If we talk about India, SMEs are likely to play a pivotal role in achieving the vision of a $5 trillion economy by 2025. This stage can be reached only when technology adoption is the main focus for SMEs and MSMEs ahead. They have not created enormous job opportunities at low capital cost, have reduced regional imbalances, and promoted industrialization at both urban and rural levels.