Technology Development in MSME’s with SpecialReference to North Karnataka Raichur Region

Abstract

Technology significantly affected every element of society, including the economy, commerce, and enterprises. Technology is currently playing a significant role in the fundamental restructuring of the global economy. The majority of industries and all aspects of the economy are significantly impacted by technology, and firms and enterprises continue to go through significant transformation. These technologies are reinventing how business is done, which is changing how businesses are structured. Without the aid of technology, modern businesses are not possible. It is asserted that it is crucial to the survival and expansion of MSME. But, in order to thrive in this cutthroat economic environment, we must incorporate the newest technology that will enhance our business. However, for the industry its unable to update technology as frequently as the market requires due to insufficient financial support and a lack of competent labour in the state. To improve product quality and meet market demand, attention must be paid to increasing investment in both technology and labour. To improve the working condition,training and labour welfare schemes can help in improving labour employability and productivity, while technological up-gradation and innovation and availability of cheap credit/finance facilities can help in increasing production and efficient utilization of capital. However, it needs to be borne in mind that the use of capital should be such that it complements the labour.