Globalization 4.0 is on its way to bestow world by it’s virtues. Annual meeting held by World Economic forum (WEF) in 2019 at Davos, Switzerland has discussed and elaborated its components. Policies and strategies, effects and advancements were highlighted ina deliberate way. It is very clear that globalization is very beneficial to under-developed and developing countries. One of the major benefit is, poor population is pushed to middle class and lower middle class to upper middle class.

Globalization 4.0 is architectured very differently and is crowned with advancement in technology like AI (artificial intelligence), 3D printing, 5G network, big data, wireless sensor network, industrial E commerce, cloud computing. Those parameters will decide the industrial competitiveness. But is the world ready for it? How the world specifically the undeveloped and developing countries, are going to make up the pace of it? There are various opinions and suggestions over it from the institutions and individuals which are very appropriate and considerable. It will definitely going to find an avenue.

India, being the fastest growing economy in the world has its own dimensions over the rest of the world. MSME is one of the major segment contributing to Indian economy along with agriculture, automobile and information technology. After the announcement of “Atmanirbhar Bharat Abhiyan” scheme and other business pro schemes and policies, this segment is fastly growing and increasing its share in economy and GDP. Apart from the factors considered forits fastest growth like finance, government support, efforts and intelligence one more factor need to be considered is adaptability to technology. This is key factor for Globalization 4.0

Overview of Indian MSME sector shows, there are 30 million units employing 70 million people. It manufactures more than 6000 products and gives 45% manufacturing output. It contributes 40% of total export, directly and indirectly. Government has announced to push manufacturing sectors’ share from 16 to 25 % in GDP by 2022 considering Made in India campaign.

In context to adaptability of technology, ithas been observed that those manufacturing units are still following traditionalmachines and equipments. The methodological adaptability is appreciated but it not synchronized to machines. Because of this it will be very difficult to match up with the speed of manufacturing competitors like China. Very few among these are up to date as per world’s requirement but percentage is very less.

Matter of concern is about large number of units which are lagging behind. It is so because they think human can perform better than the machine without considering the accuracy and minimal time by modernization. Rather smart software based manufacturing machines are doing exceptionally good. These are supported with user friendly and time saving softwares. Thus it assures more precision and accuracy in minimum time.

Every coin has two sides, most of high ended machines and equipments is quite high and it’s a major limiting factor.It may be complicated to use. Sometimes medium business owners cannot afford it. Somicro business owners are out of question. Hence itis expected from Globalization 4.0 by MSME manufacturing units to develop cost effective and user friendly solutions. This affordability of advanced technology will boost the MSME sector and customers can be served with more accurate customized products and services. It will increase the willingness to use it. Training programs, awareness and skill based campaigns will make it more acceptable. Thus new technologies paradigm will determine statistics and dynamics of Indian MSMEs in Globalization 4.0

Dr. RijwanPinjari