IndiaMART stresses necessity of integrating technology in business models

Emerging Business Forum conducted by IndiaMART has stressed upon the necessity of integrating technology in business models for improved efficiencies.

With the core theme of celebrating 'Makers of India', the Delhi chapter of IndiaMART Emerging Business Forum deliberated upon how 'Technology as an enabler can promote growth in SMEs'.

The Forum gleaned that early adoption of technology in emerging businesses are key to their operations' upgrade, seamless delivery systems, people management and sustainable/accelerated growth.

"At IndiaMART, our prime focus is to encourage and support growth of MSMEs across India. Our country is currently home to more than 5.1 crore MSMEs, which is a very significant figure. To sustain their growth and make room for more up-and-coming small enterprises, initiatives like IndiaMART Emerging Business Forum play an important role," said Director IndiaMART, Dinesh Gulati.

"In the past five years, we have connected with more than 50,000 SMEs providing them a chance to engage in talks and seminars, at this all-inclusive platform. Our effort is to address key issues and promote active discussions related to the industry," added Dinesh Gulati.

The event was graced by the presence of KK Jalan, Secretary of Ministry of Micro, Small and Medium Enterprises. He spoke about the steps that the Central Government is taking to enhance the ease of doing business in India.

He claimed that more than 12 lakh units have registered themselves online under the Udyog Aadhar Memorandum highlighting the need of adopting technology and how government is leveraging it for the benefit of the MSMEs.

An app for the MSMEs is expected to be launched soon. He also said that online finance facilitation centre will help to reach out to SMEs.

The Indian SME sector has changed dramatically over the past two decades. SMEs have the access and can invest in any kind of technology best suited for their requirements.

They are increasingly adopting hosted software services such as SaaS (Software as a Service) to manage varied processes, including employee management, business technology and product or service delivery.

The Indian MSME sector is poised to play a pivotal role in the nation's economic growth. Currently, the industry's contribution to India's GDP is almost eight percent, along with over 45 percent of the total manufacturing output and 40 percent of exports.

The sector provides employment opportunities to more than 80 million individuals in the market. However, the SMEs still have to achieve their full potential in the country to surpass the current numbers.