If average lives of MSMEs increase to 10 years, 3 crore jobs will be saved: Expert
Hyderabad, May 29 (KNN) Andhra Pradesh Innovation Society (APIS) has incubated a fintech start-up SMEA Analytics to improve the operational efficiency of Micro Small and Medium Enterprise (MSME) units in the state, said N P Desai, Chief Executive Officer of SMEA Analytics.
While speaking with KNN India, he said “The average life of MSMEs in India is about 8 years and if it can be increased to 10 years, 3 crore more jobs will be saved and this is what SMEA is trying to do.”
SMEA Analytics, is creating platform using Artificial Intelligence and Machine Learning for analysis of financial statements and providing positive inputs for the benefit of MSMEs.
“Profit comes from operational efficiency and to improve the operational efficiency of MSMEs, the company analyses the MSME units operations and efficiencies to guide the units into a profitable records and that is why we have been given place in APIS," said Desai.
The company checks various parameters of the units and suggests the units to take preventive methods to continue in right tracks. The service is completely at free of cost, he added.