Business News on MSMEs: Adopting IoT, AI, Big Data for Smart Manufacturing
Understanding the Ecosystem for MSMEs in Tamil Nadu
Tamil Nadu has established a diverse industrial base that caters remarkably to the needs of MSMEs. With an estimated 49.48 lakh registered MSMEs, the state continues to dominate with women-owned enterprises leading the charge.
Opportunities Within Diverse Industrial Base
- Textiles: Tamil Nadu is a textile powerhouse, providing enormous potential in garment production and machinery.
- Electronics: A significant push is needed to elevate electronics value addition, which currently sits at 16%-18%.
- Renewable Energy: Wind, solar, and electric vehicles are burgeoning sectors with ample opportunity for MSMEs.
Challenges in Adopting Technological Advancements
Despite the promising landscape, many MSMEs face hurdles with traditional mindsets hindering progress. To compete globally, MSMEs must leverage technologies during a significant transition toward Industry 4.0.
- Integrate IoT, AI, and Big Data into operations.
- Make use of government schemes for funding tech and R&D.
- Awareness programs are crucial to educate MSMEs about available benefits.
Engaging with the GeM portal could substantially enhance MSME contributions towards achieving Tamil Nadu's ambitious goal of a $1 trillion economy by 2030.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.