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MSMEs Counting on Technology for Growth
July 29, 2019
Micro, Small, and Medium Enterprises (MSMEs) have become a major driving force behind the growth of India’s economy. They make for a third of the nation’s industrial output and around 37% of the Gross Domestic Product (GDP).
The Indian government has realized the potential in the MSMEs sector and has supported the same through a slew of initiatives like Credit Guarantee Funds Trust for Micro & Small Enterprises (CGTMSE) Schemes, Pradhan Mantri MUDRA Yojana (PMMY). It’s also proposed to create an online platform for MSMEs that can be modeled on NHAI and provide cloud services like billing, payments, invoicing, etc. This SaaS model is what the MSMEs around the country are betting big time on today.
Photo credit: Dr PS Sahana * Kadamtala Howrah on Visualhunt.com / CC BY
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