Digital platforms help unlock up to 30% more value for microentrepreneurs

Digital platforms help unlock up to 30 per cent more value for microentrepreneurs who are associated with them by helping overcome challenges like market access and credit, a report said on Wednesday.

The report, titled 'Creating 10 million Digitally Enabled Microentrepreneurs', by IAMAI-KPMG said microentrepreneurs and OAEs (own account enterprises) onboarded with digital platforms are also more resilient to the negative impact of pandemic as platforms took various initiatives during shutdown to support them.

The report noted that collaborative efforts of government at macro and micro level, institutional bodies and digital platforms can act as growth catalysts.

It added that microentrepreneurs are a crucial part of Indian economy -- both for job creation and contribution to GDP.

Minister of State for Electronics and IT Rajeev Chandrasekhar launched the report at the 16th edition of India Digital Summit 2022, organised by the Internet and Mobile Association of India (IAMAI).

"The Indian economy will be propelled and accelerated by the power of millions of entrepreneurs...We are the fastest growing economy of the world, we are the fastest growing FDI destination and we are creating startups and unicorns at a rapid pace, a rate which is making the Silicon Valley, and other traditional ecosystem to wonder what they are doing wrong and we are doing right, Chandrasekhar said.

He noted that various credit schemes by the government ensured flow of credit across the pyramid, helping millions of entrepreneurs.