NEW DELHI: Yes Bank conducted an in-depth 5-month survey covering over 2,700 MSMEs across 20 industries from all over the country, to analyse the impact of digitization on Indian MSMEs.

The study, titled Impact of Digitization on MSMEs – the first large survey of its kind, identifies key drivers for digital adoption by MSMEs, as well as barriers and recommended measures for greater adoption of digital tech.

Key Findings
The study will be presented to key stakeholders including the government, technology and other industry leaders, regulators, MSMEs and academia, to bring together all stakeholders, with the shared objective of ensuring that digital penetration within the sector is accelerated and monitored on a regular basis.

It is vital that existing strategic initiatives such as ‘Digital India’, ‘Skill India’ and ‘Startup India’ are fully leveraged to provide greater impetus to MSME entrepreneurs and business owners, thereby accelerating the wave of digitization in the sector.

In a statement, Sumit Gupta, Senior Group President – Mid Segment, Multinational Corporate Banking, Government Banking, Agri Business & Knowledge, Yes Bank said, “The macro business environment that MSMEs are operating under is undergoing a transition. Digitisation is becoming increasingly vital for long term survival and future growth. The need of the hour is for MSMEs to take the lead and make digitisatisation an integral part of their business strategies. Entrepreneurs who are successful in understanding the power of digitization and harnessing it across their value chain will lead this new wave of inclusive and sustainable growth.”