Technology is an indispensable factor in the modern business scenario. The process of manufacturing and distribution is highly dependent on technology.
The Government of India has thus launched several vocational initiatives as well as government loan schemes for MSMEs to update themselves technologically.
The vocational training programmes such as Visvesvaraya PhD schemes, academies for specialised training in electronics and information technology, and ESDM skill development enhance the quality of the workforce.
The objective of these schemes is to create an employable base possessing digital and technological literacy.
Along with vocational schemes, government loan schemes such as MUDRA and CGTMSE loans simplify the process of procuring funds to implement the latest sector-specific technologies in businesses.
MSMEs can improve their infrastructure and provide training to employees to handle technology for business growth.
MSMEs must file GST returns online through the GST login portal to avail the benefits of a unitary taxation system. As GST mandates regular updation of account details, businesses can avail business loans at a lower rate of interest by providing these details. GST increases transparency in the taxation system.