Indian Rural MSMEs and their perception towards innovation and creativity in uplifting their business

Shafique Ahmed, Samiran Sur and Silky Vigg Kushwah
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Shafique Ahmed: School of Management, Swami Vivekananda University, Barrackpore, West Bengal, India
Samiran Sur: School of Management, Swami Vivekananda University, Barrackpore, West Bengal, India
Silky Vigg Kushwah: School of Management, Swami Vivekananda University, Barrackpore, West Bengal, India

Acta Universitatis Bohemiae Meridionalis, 2021, vol. 24, issue 3, 119-134

Abstract: The modern world is inclined towards the comfort of digitalization through creative ideas and innovation. Interest in modern living and a tech-savvy lifestyle has made innovation the most important parameter for business. With the increase in business competition and from global competitors, low-cost innovative products are taking the center stage. Also, uncertain financial or natural interruptions are forcing the company to adapt to better means of producing products or providing services for their survival. Recent tension with India's biggest importer and the government's push for 'vocal for local' initiatives have made innovation a compulsory aspect to be better or at par with the importing country's product and pricing to cater to the growing demand of the domestic consumers. The study is focused on the backbone of India's economy i.e., MSMEs. Rural MSMEs are far behind their urban counterparts in the adoption of innovation in their business. The study was conducted using the responses of 223 rural MSMEs in India. IBM SPSS and AMOS were used to know the factors behind the MSMEs' adoption of innovation. The study will help the government, scholars, academicians, and institutions providing support for business innovation to chalk out a better process to cater to the needs of these MSMEs in understanding and implementing innovation in their business.

Keywords: Innovation; Creativity; MSME; Rural Business; Small Business; Entrepreneurship (search for similar items in EconPapers)
JEL-codes: M13 M15 O31 O33 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:boh:actaub:v:24:y:2021:i:3:p:119-134

DOI: 10.32725/acta.2021.016

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