Adopting the latest IT tools and techniques can help India's small and medium businesses boost revenues by $ 56 billion, while also creating over a million jobs, according to a report by software giant Microsoft.
The research, conducted by global management consulting firm BCG for the Microsoft report, also revealed that about 90 per cent of small and medium enterprises (SMEs) in India have no access to the Internet.
"The report - Ahead of the Curve: Lessons on Technology and Growth from Small Business Leaders - found that if more SMEs in India adopt latest IT tools there is potential for SME revenue to grow by $ 56 billion and create 1.1 million new jobs," Microsoft India Managing Director Karan Bajwa said.
BCG surveyed Brazil, India, China, Germany and the US and found SME revenue could grow by a combined $ 770 billion in these five primary countries if more SMEs could achieve the growth rates of those SMEs that use modern IT tools.
"These same SMEs could add some 6.2 million new jobs in those countries alone. BCG believes that this association between IT adoption and growth would be consistent in countries across the world," BCG Senior Partner and co-author of the report Neeraj Aggarwal said.
BCG surveyed 4,000 SMEs in these five countries, which included 750 surveyed in India, during July 2013.
The research revealed nearly 90 per cent of SMEs in India have no access to the Internet, compared with only 22 per cent of SMEs in China and 5 per cent of SMEs in the US.