Digitalization of MSMEs in India in context to Industry 4.0: Challenges and Opportunities

Abstract

Micro, Small and Medium Enterprises (MSMEs) are the pillars of Indian economy contributing to a large share in the country’s GDP and employment. Industry 4.0 is the new phase of industrial revolution where automation and data exchanges will develop the technologies and transform the industries to become smarter and self-driven. Digitalization is a road map for the industries to implement new technology or to reengineer their existing technologies to embrace new changes and impose a sustained and unified growth in the sector. This paper allows one to understand the value of MSMEs in India, the framework offered by the Industry 4.0 revolution, challenges and opportunities prevailing in the sector for digitalization.Keyword:. MSMEs, Digitalization, Industry 4.0, Technology up-gradation, Challenges in Digitalization, Opportunities in Digitalization.