New Delhi: The COVID-19 pandemic has driven the digital transformation of micro, small, and medium enterprises (MSMEs) in India, as these businesses are now adopting technology for business continuity and growth.
At the heart and backbone of the Indian economy, these 6.8 million businesses contribute to about 30% of the country’s gross domestic product. Therefore, the prudence with which MSMEs manage themselves in a post-pandemic environment becomes critical.
The COVID-19 Lockdown: Business Owner’s Sentiments Study by Tally Solutions encapsulates how micro, small, and medium businesses embraced technology and handled business operations to come out resilient and ensure business stability.
The study highlights that 82% of small businesses are optimistic about the outlook of business continuity with current cash flow getting better, allowing 66% of them to pay salaries on time after Unlock 3.0.