An Investigation on Micro, Small, And Medium-Sized Enterprises and Technological Innovation in Chhattisgarh

According to this paper, Micro, Small and Medium Enterprises (MSMEs) in India, require technological innovation. According to estimates, the industry is experiencing constant expansion in job creation and production. Technological innovation is necessary to survive in an open and competitive economy like India's. Effectively implementing and using the latest technology has been shown to help improve the performance of the MSME sector. However, the industry is unable to update its technology as often as the market requires due to lack of government funding and skilled workers. Attention should be paid to increasing investment in technology and manpower to improve product quality and meet market demand. Better/improved working conditions, training, and occupational health and safety programs will help boost labor productivity and employability, technological advances and innovations, and the availability of affordable credit/financial options will help to promote the production and effective use of capital. Nevertheless, it is important to remember that capital should be used to supplement labor. Field research and in-depth interviews with entrepreneurs in the MSMEs were conducted to collect the data required for the study. A total of 200 business owners were contacted at their workplaces or factories to learn about technology investment trends in the small engineering industry in Chhattisgarh.