Budget 2021: In a bid to empower micro, small and medium enterprises (MSME) digitally, the government is likely to announce development of mobile app on the budget day for their evolving needs especially after Covid 19 hit the sector adversely. The app will likely be a one-stop hub for all their requirements from registration of their businesses to GST registration, other tax and legal compliances, easy and hassle free access to loans, inventory management, order management etc. It will be designed in a way that it will help the MSME sector to connect with technology centres for better support and latest updates from the government.
“MSME sector needs to be empowered digitally. Covid19 has crippled the sector and it’s high time that they transformed their businesses digitally. And as a step forward, development of app for MSMEs will likely be announced on the budget day,” a top government official who didn’t wish to be quoted told Zee Business exclusively.
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In addition to this, the government will also run digital awareness programmes countrywide for the msme sector. The small businessmen will be apprised about the app and also about the importance of technology and digital empowerment in current times. According to the sources, the government will also run technology centres in joint venture with IITs, IIMs, NITs and other institutes in a bid to encourage students towards research and innovation. The students will be tapped and trained to develop technology driven products for the MSME sector.
“It is important that MSME sector adopts digital technologies to stay competitive in the post-pandemic world. There is a dire need for them to transform how they operate and function,” the source cited above said. According to MSME minister Nitin Gadkari, msme sector is the backbone of the Indian economy and accounts for 30 per cent of the economy creating 11 crore jobs so far.