Tech has come forward to reduce the impact of pandemic on business: MSME Ministry Official

The adoption of technology in businesses has been able to reduce the impact of the outbreak of the pandemic that has wreaked havoc in the country for more than a year, a top participant said at the Business Standard Smart Business Event, in association with Hindustan Chamber of Commerce, Chennai.

The event saw the participation of top officials from the Central and State Government, as well as the industry, including Devendra Kumar Singh, Additional Secretary Micro Small and Medium Enterprises (MSME) Industry; S. Suresh Babuji, Joint Director of MSME Development Institute, Chennai; and Anil Bhardwaj, Secretary General, Federation of Indian Micro, Small and Medium Enterprises (FISME) as the Speakers. The topic of discussion was ‘How to protect MSMEs in the pandemic situation and sustain’.

Support for MSMEs is crucial as they are considered to be the backbone of the economy. As many as 63 million MSMEs accounted for 29 percent of the country’s gross domestic output and account for about 45 percent of manufacturing output and employ about 111 million people. 

Government officials said that there is a need to make structural reforms and the Centre has been taking various steps towards the same, including changing the definition of MSMEs, and including wholesale and retail traders in the definition, among others.

Industry participants acknowledged the government’s timely intervention at the time of crisis, but called for measures to reduce the challenge of rising commodity prices, and making certain that government-backed credit schemes get more attractive.

More than 250 Smart Business Event has already been organised by Business Standard, and the journey continues.