The Small and Medium Enterprises (SMEs) act as a backbone of the Indian economy due to their significant contribution in the areas of productivity, trade, and employment. With the fourth industrial revolution focusing majorly on manufacturing process enhancement through the internet of things (IoT), cybersecurity systems, artificial intelligence (AI), and cloud computing, SMEs act as a key contributor to the Indian economy. As per the figures released by MSME Annual Report, SMEs have maintained an average growth rate of 9.13% with 31.83% contribution in the GVA (Gross Value Added) and 28.9% to GDP (Gross Domestic Product) in 2016-2017. At present, the total number of rural and urban SMEs in India is 63.38 million with 31% operating in the manufacturing sector. Challenges for SMEs Considering the above statistics, for a developing country like India, SMEs play a vital role in facilitating employment to millions of people. Yet, factors like adequate credit availability, storage issues, procurement, designing and packaging, global market access, skilled labor, low technology exposure, tax compliant processes, and proper infrastructure planning affect its capability to perform dynamically in global markets. However, taking into account the huge potential of the MSME sector, the government is facilitating the development and growth … Continue reading The Digital Transformation of Small and Medium-Sized Enterprises