Uplifting The MSMEs In India

In accordance with the latest notifications released by the Ministry Of Micro, Small and Medium Enterprises, Government Of India(GOI), published in the Gazette Of India dated June 1st, 2020, the classification of micro, small and medium enterprises is as follows:

  • a micro-enterprise is where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees;
  • a small enterprise, where the investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees;
  • a medium enterprise, where the investment in Plant and Machinery or Equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.

In today’s pandemic stricken world, technology is the only field that is unmoved by its impacts or to say least impacted by it. Technology is very diverse in its forms. One of its branches is Information Technology (IT), which acts as a boon for MSMEs. IT has a great impact on all aspects of life and it is transforming the global economy in terms of ways of doing business. IT has a huge impact on most industries and usage of these technologies is reforming the rules of business, leading to the structural transformation of enterprises and businesses. The use of correct technology for businesses can lead enterprises to touch sky-high successes. The potential benefits of Information Technology to Micro, Small and Medium Enterprises (MSMEs) are variedly known. It can enhance MSMEs’ efficiency, reduce costs and expand market reach, at the domestic and international levels. The talk of the current generation has been the adoption of cutting edge technologies like Artificial Intelligence (AI), Machine Learning (ML), data-enabled systems, internet-based businesses, etc. in the global business ecosystem whose roots lie in the proper nourishment and growth of the MSMEs.

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