Commerce and Industry Minister Piyush Goyal suggests using AI and IoT to train MSMEs to become quality suppliers of goods and services

Ease of Doing Business for MSMEs: Commerce and Industry Minister, Piyush Goyal on Monday suggested using cutting edge technologies such as Artificial Intelligence (AI) and the Internet of things (IoT) to train micro, small and medium enterprises (MSMEs) to become quality suppliers of goods and services in the sector. 

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The minister while addressing a conference on Making India a Global Manufacturing Hub in Renewable Energy Manufacturing organised by the Confederation of Indian Industry (CII) said that India had been dependent on imports of machinery and equipment in both the renewable energy and conventional energy sectors. He also said that the country’s import of fuels like oil and coal continues to this day and the prices of these products are subject to geopolitical uncertainties.

Goyal however stressed that there is a huge opportunity for the country in pushing the growth of the renewable energy industry and becoming a global supplier. “It is a great opportunity to nurture the renewable energy industry and grow into becoming a world supplier,” he said. 

He further added that energy security is the next thrust area which will provide economic opportunity for the renewable energy sector. “We have tremendous potential to make a big difference to India’s and the world’s future, both on sustainability and self-reliance on energy,” he noted.

There is a need to maintain the entire renewable energy supply chain in India “to the best of our ability”, right from the equipment stage up to innovation and new technology, so that “we can lead the world rather than being dependent on other countries”, the minister stated. 

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The Indian economy is a “bright star” in an otherwise gloomy situation globally, he added. Goyal urged Indian industry to draw from international collaborations and learnings and make India ‘atmanirbhar’ in renewable energy and achieve twin advantages of sustainability and energy security.