M. Gaonkar Gopalakrishna, Fakkeeraswami Hiremath
2022 Zenodo  
The economic progress of a country primarily depends upon the development of industries, may be large or small. In a country like India, where capital is scarce and improvement is not evenly spread growth of MSME sector is vital in order to achieve a balanced economic growth. The MSME sector has been contributing significantly in generating employment, augmenting GDP, increasing exports, boost allied development activities, creating big entrepreneurs and proper distribution of wealth. In real
more » ... nse MSMEs sectors role is paramount in promoting the welfare of the people. However, in a competitive world a sustainable performance matters. To be in the stream, MSMEs need efficiency to enhance productivity, marketing and provide a huge platform to build business venture, The large units or MNCs are in better position in the competitive world with large capital, human resources and R & D section. MSMEs have to compete with big industrial units. No doubt, MSMEs are flexible to change their strategy and adopt new things in their whole functioning. For example, innovation through technology is one among them. The paper tries to throw light upon a few possible innovations through new technology in the process of production, design, quality, cost, marketing, investments ,financial management etc. However, the paper also notifies about some barriers to MSMEs to adopt to new technology like lack of awareness, infrastructure problem etc and the paper also identifies some important govt programmes to support technology in the MSME sector. Thus, if MSMEs adopt new technology, they can be competitive locally as well as globally.
doi:10.5281/zenodo.6573686 fatcat:qzuzoucjgfekvmpcpuwhbqwnhy