By Amit Gupta,
The unprecedented Covid-19 pandemic has; without doubt; adversely impacted world economy at large. Almost every industry has borne the brunt and MSMEs are severely affected with many closing down, probably permanently. However, IT & ITeS sector has seen spike in growth across some industry verticals in the wake of the pandemic. Sectors such as EdTech, FinTech, HealthTech, HRTech, amongst others, have seen significant boosts. This will continue to fuel growth of Cloud-Tech, AI-based and other new-age technologies across business domains.
Knowing well that MSMEs are biggest growth drivers to the economy and the second largest sector after agriculture, Government should extend credit facilities for them and provide means for new-age technology adoption. Rigid regulatory compliance and tax burdens should be revised, which can provide impetus for growth and expansion. This will increase hiring and businesses can largely contribute to the GDP. Revised tax policies, less complex GST structure and relevant policies that provide thrust for digital innovation can incentivise home-grown start-ups and brands. Such a solution can help MSMEs to operate in a more level-playing field which has MNCs and other established players.
(The author is CEO & Founder at Rapyder)
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