MSMEs should use technologies like Artificial Intelligence and IoT to improve efficiency and productivity: Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman today said that Medium, Small and Micro enterprises can become a huge force in India’s Amrit Kaal if they become early adopters of technology and digitization.
Addressing the Laghu Udyog Bharati’s Maharashtra Adhiveshan in Mumbai, Ms. Sitharaman said MSMEs must not ignore the necessity and use of technologies like Artificial Intelligence and IoT to improve their efficiency and productivity. Stating that the government is ready to provide all assistance, the finance minister asked the MSMEs to undertake data-based research with the help of its associations. She added that such research will help MSMEs increase their market access and eventually help India become an economic superpower.
Talking about the importance of employing skilled labour, Ms. Sitharaman said that various MSME clusters have developed their own training centres, wherein students who have cleared their higher secondary or graduation are provided skill training. The minister said the government supports such institutes as they ensure that the entry-level workforce is adequately skilled as per the industry’s requirements. She said the government is ready to support more such institutions in the future.
Ms. Sitharaman said that despite the disruptions caused by the coronavirus pandemic and the Russia-Ukraine war, India is likely to be the fastest growing economy this year with expectations being that India will become the world’s fourth-largest economy by 2027.
