Business News | MoS Jitin Prasada Hails Nasscom-CAIT MoU as Critical Driver for MSME Digital Growth

New Delhi [India], October 27 (ANI): Union Minister of State for Commerce and Industry and Electronics and Information Technology, Jitin Prasada, stated that the commercial landscape is shifting rapidly, requiring businesses to adapt to modern technology to remain competitive in the market.

He hailed the Memorandum of Understanding (MoU) signed between Nasscom and the Confederation of All India Traders (CAIT) as a well-timed, major step to empower retail traders and micro, small, and medium enterprises (MSMEs) with cutting-edge digital skills.

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Speaking at CAIT’s 'Tech Connect for Traders & MSMEs: Accelerating Digital Transformation' program held in New Delhi, the minister said, "This MoU, this partnership, and the strategy you have laid out for the future is very well-timed. And for this, I congratulate you [NASSCOM and CAIT] that you have taken this right step at the right time. Because this is such an important topic that technology is changing so much over time. If we in the business community don't walk step by step with it, we will be left far behind in this race," Prasada said.

Emphasizing the urgency of technology adoption, Prasada connected technological advancement to a departing train, remarking that those who fail to board it will be left stranded on the platform as it moves forward without waiting for anyone.

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The minister observed that technological tools, particularly artificial intelligence (AI), must translate into practical ground-level use rather than remaining confined to high-level discussions, search queries, or auto-generated speeches.

"Technology should be democratized and it should reach the last mile," Prasada said, highlighting how nations like Singapore have targeted small and medium industries to lower production costs.

Prasada pointed out that localized applications of AI can accurately compute storage, logistics, and electricity costs, optimize seasonal inventory, and forecast emerging market trends for neighborhood shopkeepers. 

He noted that the domestic digital ecosystem is backed by extensive rural 5G connectivity and digital infrastructure established under Prime Minister Narendra Modi's government, allowing local kirana stores to leverage e-commerce alongside their trusted neighborhood presence.

Addressing the corresponding increase in digital threats, Prasada stressed the shared obligation to maintain robust cybersecurity, curb counterfeit items, and promote digital literacy among commercial enterprises.

"Wherever digitalization and technology grow, the risk of cybersecurity threats will also increase. That graph goes hand in hand," Prasada stated, expressing confidence that NASSCOM's skilling initiatives will equip grassroots traders to safeguard consumers and maintain operational integrity.

The minister also underscored the necessity of building domestic capabilities in critical sectors like semiconductor manufacturing to avoid vulnerabilities and supply choke points. He concluded by urging industry stakeholders to ensure that modern training and digital tools reach every Tier-2 and Tier-3 entrepreneur to measure genuine on-ground productivity gains. (ANI)

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