The Federation of Indian Chambers of Commerce and Industry today released its report on Small and Medium Enterprises (SMEs) in India in New Delhi. The report highlights how SMEs are adapting to the digital transformation, adopting sustainability practices and challenges.
The report states an increase in adopting technology through the use of e-commerce platforms, digital marketing, cloud computing, and automation tools. This has reportedly brought a reduction in their annual operational costs, increased customer base, and expanded market presence.
The study said that sustainable practices by SMEs can mitigate their ecological footprint, optimize resource utilisation, and minimise waste generation. The study highlighted the key challenges SMEs face such as a lack of skilled resources, technological expertise, and a limited knowledge of business-specific technology solutions.
The key recommendations of the study include improving access to finance, regular monitoring and evaluation of government schemes, and creating a single window for all compliances. The report is based on a nationwide survey of more than 600 SMEs across 14 cities followed by focused group discussions.
Former World Bank economist and NITI Aayog Member Arvind Virmani talked about the challenges India faces in the global market and also how SMEs can perform better.
