Business News: Embracing Smart Manufacturing is Essential for MSMEs
MSMEs and Smart Manufacturing
Business news emphasizes that MSMEs must adopt smart manufacturing strategies utilizing IoT, AI, and big data for enhanced growth. As stated by M Ponnuswami, co-chairman of CII National MSME Council, Tamil Nadu's strong manufacturing infrastructure offers significant advantages for MSMEs.
Opportunities for MSMEs in Tamil Nadu
Tamil Nadu has a vibrant industrial landscape ripe with opportunities for MSMEs. With over 49.48 lakh MSMEs and a governmental focus on innovation, businesses can now engage in textiles, electronics, and e-commerce. The evolving manufacturing base creates avenues for diversified business ventures aimed at sustainability and modern practices.
Key Initiatives Supporting MSMEs
- Separate budget allocation of up to 1,500 crore for MSMEs.
- Supportive acts like Tamil Nadu Business Facilitation Act.
- Capital subsidy of 25% on machinery investments.
- Access to the GeM portal for efficient public procurement.
The Importance of Technological Integration
Amidst various advantages, MSMEs face challenges in keeping pace with technological advancements. Many remain unaware of existing government schemes that aid in technology adoption. Integrating modern technologies into traditional practices is crucial, as Industry 4.0 can significantly enhance productivity and competitiveness.
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.