Celebrating International MSME Day: Driving Innovation and Sustainable Growth

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Celebrating International MSME Day: Driving Innovation and Sustainable GrowthInternational MSME Day is a momentous occasion to recognize the indispensable role of micro, small, and medium enterprises (MSMEs) in the global economy. These enterprises form the backbone of innovation, resilience, and economic development, creating millions of jobs and propelling growth across diverse sectors. MSMEs are not only crucial for economic stability but also for social cohesion and community development. Today, key industry leaders share their insights on the significance of MSMEs and their invaluable contributions to building a sustainable and technologically advanced future. Through their innovative approaches and unwavering commitment, MSMEs continue to shape the global landscape, fostering inclusive growth and driving progress in every corner of the world.

Mr. Hyder Khan, CEO & Director of Godawari Electric Motors, emphasizes:

“On World MSME Day, we celebrate the spirit of innovation and resilience that drives the micro, small, and medium enterprises across the globe. At Godawari Electric Motors, we are proud to contribute to this vibrant sector with our commitment to sustainable and affordable mobility solutions. Our fully electric 2-wheelers and 3-wheelers are not just vehicles but a testament to the potential of MSMEs in shaping a greener and more inclusive future. The MSME sector plays a crucial role in providing job opportunities to the youth, empowering the next generation, and driving economic growth. As we celebrate this day, let us reaffirm our dedication to supporting MSMEs and recognize their critical role in shaping a greener, more inclusive future. Together, we can drive progress, foster innovation, and make a lasting impact on our communities and the environment.”

Mr. Akash Gupta, CEO & Co-founder of Zypp Electric, highlights:

“At Zypp Electric, we firmly believe that embracing AI and technology is key to empowering MSMEs in logistics and creating a collaborative, future-ready enterprise. Our data shows that the use of AI can increase MSME productivity by a significant rate and operating cost benefit with strategic efficiency and demand. Forecasting and fleet management enable MSMEs to streamline operations, reduce waste, and provide prompt and reliable service to their customers.

However, the real power comes when MSMEs collaborate and share data through secure AI-powered platforms. This allows them to collectively gain powerful insights, predict trends, and make intelligent decisions. Zypp is committed to building this collaborative AI ecosystem to help MSMEs thrive in an increasingly competitive export market. By harnessing technological potential and working together, we can unlock the full potential of India’s exports and foster sustainable growth for all major industries.”

Sumit Kumar, Chief Strategy Officer, TeamLease Degree Apprenticeship:

“The MSME sector serves as the backbone of India’s economy and contributes significantly to employment, boasting a workforce exceeding 120 million. However, as the industry grapples with the challenges posed by the emergence of AI and automation, there’s a pressing need to integrate these technologies into business operations. AI can be used to assess future business demand, skill sets, job roles, and capacity building, providing invaluable insights for MSMEs to navigate this evolving landscape. A 2023 NASSCOM report highlights that approximately 60-65% of MSMEs are actively exploring the potential of AI, recognizing its transformative impact. Despite this recognition, hurdles remain, particularly concerning the affordability and accessibility of AI solutions, alongside the critical need for skilling and training.

In response to these challenges, government initiatives like the MSME Digitalization Scheme, NITI Aayog’s AI for India strategy, along with the National Skill Development Council and the Ministry of Micro, Small and Medium Industries, are diligently working to bridge these gaps. According to the World Economic Forum, the AI evolution is expected to disrupt 85 million jobs globally while creating 97 million new job roles. Cultivating a skilled ecosystem becomes paramount in navigating this transformative landscape, ensuring a robust talent supply chain equipped to meet the demands of an AI-driven economy. We expect a diverse array of technology-based emerging roles, encompassing Data Scientists, AI and Machine Learning Engineers, Cybersecurity Experts, Cloud Computing Specialists, IoT Engineers, and more, to reshape the MSME landscape. Furthermore, as we forge ahead, building a skilled workforce capable of harnessing the potential of AI will be crucial for the sustained growth and prosperity of the MSME sector and the overall economy.”

The Path Forward

As we celebrate International MSME Day, the voices of industry leaders remind us of the immense potential within the MSME sector. Through sustainable practices, technological advancements, and collaborative efforts, MSMEs are well-positioned to drive economic growth, create job opportunities, and contribute to a more inclusive and environmentally friendly future.

Let us reaffirm our commitment to supporting MSMEs, recognizing their critical role in our global economy, and fostering an environment where innovation and collaboration can thrive. Together, we can make a lasting impact on our communities, the environment, and the world at large.

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