Job Crisis & The MSME Solution
According to the government data, the unemployment rate in India is slowly recovering back to the pre-Covid level. In February 2021, India’s unemployment rate was 6.9 percent, down from 7.8 percent in February 2020, indicating that the unemployment rate in the country had returned to pre-Covid levels. But this rate is still very high, in fact, the highest in 45 years. Hence, we ought to look for ways to bring it down and improve the job scenario in our nation. One such way is the progress of the MSME sector.
SalaryBook could be the first step in the digital education of the MSMEs who have been struggling until now to use any form of a digital tool.
Amid all this chaos, the MSME sector has been able to stand its ground. As per the National Sample Survey (NSS) 73rd round, the MSME sector has been creating 11.10 crore jobs (360.41 lakh in Manufacturing, 0.07 lakh in Non-captive Electricity Generation and Transmission, 387.18 lakh in Trade, and 362.82 lakh in Other Services) in the rural and the urban areas across the country. Micro, Small & Medium Enterprises (MSMEs) have been contributing significantly to the expansion of entrepreneurial endeavors through business innovations. The MSMEs are widening their domain across sectors of the economy, producing a diverse range of products and services to meet the demands of domestic as well as global markets. As per the data available with Central Statistics Office (CSO), M/o Statistics & Programme Implementation, MSMEs contribute to approximately 30 percent of our GDP.
Hence all the aforementioned statistics and data suggest that the proper nourishment and growth of the MSME sector can elevate the employment rate in our country. That way we can come at par with the developed countries of the world as well.
But the question now is how do we help the MSME sector thrive and grow?
Ministry Of MSME, Government Of India has been bringing out schemes for the betterment of all the stakeholders of the MSME sector. But the major hindrance in the development of MSMEs is the lack of digitization. Digitally empowering small business owners is a must for their growth in this era of Information & Technology. The solution to this is to take one step at a time and teach them how to leverage data to improve their business.
There has been a lack of any promising Human Resource Management platform. Small business owners and vendors struggle a lot with keeping the records of their employees. It takes a lot of time and effort for them to maintain all their employee-related records using pen and paper. Most of the HRM solutions available today are suitable for tech-savvy people, but what they require is a product that is as simple to use as WhatsApp. The affordability of such softwares makes it even more difficult for them to adapt to these digital solutions.
SalaryBook promises to provide a solution to these MSMEs using their easy-to-use mobile application. By using SalaryBook, a business owner can easily manage Staff Salary And Attendance. Salary Book offers a very easy-to-use and simple mobile app for payroll and employee management. SalaryBook replaces your traditional ledger account book. SalaryBook could be the first step in the digital education of the MSMEs who have been struggling until now to use any form of the digital tool.
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