Growth Prospects for MSMEs in India with Reference to Industry: 4.0
Keywords:
MSME, Technology, Industry 4.0, Demographic dividend, Employment generationAbstract
The significance of MSMEs in India could be seen in terms of its spread all over the economy. The world is now witnessing the fourth industrial revolution in the form of Industry 4.0 However significant numbers of manufacturing enterprise in India are still in Industry 2.0 stage with respect to technology. The growth of this sector requires a significant push in terms of technical knowhow, funds for adopting new technologies and skilled manpower to work on it. Technological up gradation is not an end in itself. Its possible impact on the young India where nearly 61% cent of India’s Population is likely to be in working age group of (15-59) requires consideration. Through this paper an attempt is made to understand the significance of employment generation in a developing economy like India. To review the challenges faced by MSMEs in adopting industry 4.0 technologies, to identify efforts taken by Indian government (for MSMEs) to meet the challenges of 4.0. The findings of the study reveals that despite the efforts taken by the government the MSMEs still has a long way to go in order to reap the benefits. The major limitation of this study is that it is a desk research. The study is concluded with the need to develop and adopt an appropriate strategy wherein India could reap the benefits of demographic dividend along with Industry 4.0.
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