MeitY is working to assess the size of digital economy in India
MSME can play a crucial role in making India a leading electronic manufacturing destination by increasing the proportion of domestically manufactured components, says S Krishnan, Secretary, Ministry of Electronics Information and Technology meity
“We should enhance domestic value-add in electronics from 18-20% to 35-40% within the next five years. MSMEs will play a crucial role in this effort and have a huge role to play in electronics components manufacturing,” he told delegates at the cii MSME Growth Summit in New Delhi.
“Manufacturing makeinindia will play a major role in the structural transformation of the Indian economy and electronics will be an important sector driving this transition.”
Krishnan emphasized the huge potential that digitisation holds to be a game changer for the MSME msme segment. Adoption of technology by smaller players through cluster-based facilities and retrofitting existing facilities are cost effective ways to go digital for this segment.
Underling the importance of a digital economy, he said that MeitY is working to assess the size of digital economy in the country nse .
“We need to help MSMEs to leverage the digital ecosystem,” added T Koshy, Managing Director & CEO, Open Network for Digital Commerce ondc .
He pointed out that ONDC network provides a level playing field to small retailers and access to credit, access to market, and access to skill skillindiadigital.
“CII can be a significant partner in onboarding small, unserved and under-served businesses and creating a holistic digital ecosystem. The network is also adding insurance as a new component which will be visible soon,” he stated on 10 July.
“Innovative financing mechanisms can act as powerful catalysts, unlocking the untapped potential of SMEs and driving them towards remarkable growth and success bseindia ,” elaborated Sameer Gupta, Chairman, CII National MSME Council.
He called for empowering SMEs as a pathway to economic vitality, job creation, and sustainable development. Fiinews.com
