94% of MSME recognise AI’s ability to drive business growth

Nasscom and Meta released a white paper on artificial intelligence (AI) for MSMEs on Thursday, highlighting a strong belief in AI’s potential among tech-enabled MSMEs.

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According to the white paper ‘Empowering India’s Growth: Unlocking AI’s Potential for Tech-Enabled MSMEs’, 94% of MSMEs recognise AI’s ability to drive business growth, while 87% believe AI can improve overall business productivity.

The white paper was based on feedback from over 300 MSMEs earlier this year in Gurugram, Bengaluru, Pune, Mumbai, and Hyderabad about AI awareness and capacity building for MSMEs.

Sangeeta Gupta, Senior Vice President and Chief Strategy Officer at Nasscom, stated in the white paper that MSMEs are at a critical juncture in today’s rapidly changing technological landscape.

Integrating AI provides them with an unprecedented opportunity for growth, productivity, and long-term innovation. Ecosystem collaboration, combined with access to user-friendly tools and resources, is critical for tech-enabled MSMEs to fully realise AI’s potential and for India to maximise its AI dividends.

The white paper identified key areas where AI can catalyse growth for MSMEs, stating that 48% of respondents support AI’s potential in content creation and marketing, 46% in customer engagement, and 68% in developing new products and services.

Sandhya Devanathan, Vice President (India), Meta said, “As the backbone of the Indian economy, empowering MSMEs with cutting-edge business solutions is pivotal for the growth of the country. With its massive developer base and the third-largest startup ecosystem in the world, India is going to be a driving force in the global AI revolution.”