Digitalisation of SMBs could add up to $216 billion to India’s GDP by 2024

The digitalisation of small and medium businesses (SMBs) could add $158 to $216 billion to India’s GDP by 2024 and contribute to the country’s post-pandemic economic recovery, according to the Cisco India SMB Digital Maturity Study 2020.

The study, based on a survey of SMBs from across the Asia Pacific region conducted by IDC and commissioned by Cisco, shows that SMBs that are more digitally mature enjoy twice as many benefits in terms of revenue and productivity compared to those that have an indifferent approach to digitalisation.

The study highlights that 68% of Indian SMBs seek to digitally transform to introduce new products and services, differentiate themselves from the competition, and grow, while 60% recognise that competition is transforming and they must keep pace, and 50% seek digital transformation due to customer demand for change.