Indian SMEs need AI enabled support to capture Indian & global markets

By Nitin Jain, Co-founder & CBO, OfBusiness

As the world becomes increasingly interconnected, Indian Small and Medium-sized Enterprises (SMEs) are poised to tap into the vast global market. However, the question is, whether they would be able to capitalise the growing opportunities in India and overseas without harnessing the power of Artificial Intelligence (AI)? The answer most likely would be – ‘it’s difficult’.

SME sector, that constitutes a major part of Indian economy, contributing about 30% of GDP and provides jobs for over 110 million people. This sector has scope and thus there is immense hope that it would become a significant contributor to India’s growth story when India aims to become a USD 10 trillion economy.

The growing focus on AI for expansion of business – may it be optimising procurement, credit access, or supply chain resilience, or all – AI could help in enhancing at least ...