"Unlocking Digital Potential: Navigating the Path to Digital Transformation for Indian MSMES"
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Abstract
This Study delves into the critical role of digital transformation as a strategic imperative for Micro, Small, and Medium Enterprises (MSMEs) to boost their competitive edge and adapt to the swiftly changing business environment, with a specific lens on the Indian scenario. Through an extensive analysis of literature and various case studies, this research highlights the myriad benefits digitalization brings to the table, such as expanded market access, enhanced operational efficiencies, innovation, and elevated customer engagement. Moreover, it sheds light on significant obstacles that impede the digital transition of MSMEs, including inadequate digital infrastructure, cybersecurity risks, gaps in digital skills, and financial limitations. By dissecting both the opportunities and challenges, this manuscript aims to offer valuable insights into how MSMEs can harness digital technologies to foster sustainable growth and remain competitive in the modern digital marketplace.