Citation:

Priya Mahajan, Manjari Agarwal. "Digital Payments and MSMEs: Assessing Potential and Impact" International Research Journal of Economics and Management Studies, Vol. 2, No. 3, pp. 549-553, 2023.

Abstract:

India's Micro, Small and Medium Enterprises (MSMEs) are crucial in economic and social development. The Government of India is also coming up with new schemes and benefits for the MSMEs from time to time and is also very proactive to ensure that all the benefits of these MSMEs schemes reach the MSMEs sector in time. Digitization has really impacted the complete Indian Economic ecosystem in a big way, and MSMEs, being an integral part of the Indian Economy, have also been reaped the benefits of this revolution. As a partner of the Government initiatives, the Ministry of MSMEs has also taken steps to digitize the entire MSMEs ecosystem. A committee was set up on digital payments under the chairmanship of the Secretary (MSME) for making the Ministry of MSMEs and its attached offices to oversee the successful implementation of the Digidhan Mission, a Government of India's project to inculcate the habits of digital payment among citizens. Trends through Digital payments in India have steadily and significantly increased as a result of coordinated efforts of the government as a whole, along with all stakeholders concerned, from 2017 crore transactions in FY 2017-18 to 8840 crore transactions in FY 2021-2022. In the MSME sector, digital transactions have also increased manifold over the last few years.

References:

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Keywords:

MSMEs, Digital Payments, Financial transactions, UPI.