Revitalizing MSMEs’ Performance with Transparency: Monitoring, Mentoring and Malwaring Through IoT Intervention

The Micro, Small and Medium Enterprises (MSMEs) have been fueling the engine of growth worldwide. The relevance of MSMEs in India is enormous since the economy of the country is expanding and a large number of people directly or indirectly are associated with this sector. The government’s ambitious projects like Start-up India, Stand-up India, MUDRA Yojana etc. are the testimony of such relentless efforts. The progression and maturation from first generation entrepreneurship and micro enterprises towards Small, Medium and even Large firms is the essence of the compounding growth vector for the nation. The micro firms suffer from the problems manifold which includes resource constraints, lack of vision and regular monitoring and consultancy. In fact, all these are either beyond their reach or too costly to afford. These results literally zero impact on the ground of the excellent and landmark policies of the government. The Indian MSMEs particularly Micro Enterprises essentially requires serious attention of the government not to be limited up to policy formulation rather it must go beyond to its successful implementation, monitoring, mentoring and review. This paper has attempted to develop conceptual framework using Internet of Things (IoT) interventions in administering MSME policies and providing guidance, consultancy and advocacy particularly to Micro Firms. This model is perceived to enhance performance and transparency in this segment.