Endnotes 1. The terminology used in India, Pakistan and Bangladesh for large numbers includes the terms “lakh” (100,000) and “crore” (10 million). Therefore, 6 crore is 60 million. 2. Government of India Ministry of Micro, Small and Medium Enterprises. (2024, July 22). Contribution of MSMEs to the GDP. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2035073 3. Government of India Ministry of Finance, Department of Economic Affairs. (2025, January). Economic survey 2024–25. https://www.indiabudget.gov.in/economicsurvey/doc/echapter.pdf 4. Kotak Mahindra Bank. (n.d.). What is the importance of MSME on the Indian economy? Retrieved March 31, 2025, from https://www.kotak.com/en/stories-in-focus/loans/business-loan/msme-importance-in-indian-economy.html 5. IANS. (2024, July 6). Total employment in MSMEs crosses 20.2 crore mark, up 66%. CFO.com from the Economic Times. https://cfo.economictimes.indiatimes.com/news/total-employment-in-msmes-crosses-20-2-crore-mark-up-66/111528516#:~: text=%E2%80%8BThe%20number%20of%20workers,workers%20employed%20in%20these%20enterprises 6. Khanna, A. (2024, October 26). Advancing India’s goal to double the economy by 2030. The Economic Times. https://economictimes.indiatimes.com/news/economy/policy/advancing-indias-goal-to-double-the-economy-by-2030/ articleshow/114618398.cms?from=mdr 7. Jagga, R. (2025, January 21). As Punjab industry takes to AI, government sees opportunity for sector. The Indian Express. https://indianexpress.com/article/cities/chandigarh/punjab-industry-ai-government-opportunity-msme-sector-9791130/ 8. Ibid. 9. Soni, S. (2002, November 16). 43% of MSMEs likely to remain below pre-Covid EBITDA margins in FY23: Crisil. Financial Express FE aspire. https://www.financialexpress.com/business/sme-msme-eodb-43-of-msmes-likely-to-remain-below- pre-covid-ebitda-margins-in-fy23-crisil-2819759/ 10. Choksi, N. (2024, January 20). Credit for the underserved: Addressing the massive $530 billon MSME credit gap. https://credable.in/insights-by-credable/business-insights/credit-for-the-underserved-addressing-the-massive-dollar-five- hundred-thirty-billion-msme-credit-gap/ 11. Small Industries Development Bank of India (SIDBI). (2018, July 18). Study on informal sector lending practices in India. https://www.sidbi.in/uploads/coca_reports/2019-03-29-165105-t9yg7-Study-on-Informal-Sector-Lending-Practices-in- India-Final-Report.pdf 12. World Economic Forum. (2023). Global Lighthouse Network: Adopting AI at speed and scale. https://www3.weforum.org/ docs/WEF_Global_Lighthouse_Network_Adopting_AI_at_Speed_and_Scale_2023.pdf 13. Government of India Ministry of Micro, Small and Medium Enterprises. (n.d.). Annual report 2023–24. Retrieved March 31, 2025, from https://msme.gov.in/sites/default/files/FINALMSMEANNUALREPORT2023-24ENGLISH.pdf 14. Government of India Ministry of Micro, Small and Medium Enterprises. (2025, February 4). Budget 2025–26: Fuelling MSME expansion [Press release]. https://pib.gov.in/PressReleasePage.aspx?PRID=2099687 15. Government of India Ministry of Micro, Small and Medium Enterprises. (n.d.). Annual report 2023–24. Retrieved March 31, 2025, from https://msme.gov.in/sites/default/files/FINALMSMEANNUALREPORT2023-24ENGLISH.pdf 16. Ibid. 17. Basole, A., & Chandy, V. (2019, October). Microenterprises in India: A multidimensional analysis. Azim Premji University and the Global Alliance for Mass Entrepreneurship. https://publications.azimpremjiuniversity.edu.in/2115/1/ Microenterprises_In_India_Report_Oct_2019_By_APU_GAME.pdf 18. Ministry of Micro, Small & Medium Enterprises. (n.d.). Udyam Registration Portal. Retrieved April 8, 2025, from https://www.scsthub.in/content/udyam-registration-portal 19. One lakh is 100,000, so 5 lakhs is 500,000 and 25 lakhs is 2.5 million. 20. Government of India Ministry of Micro, Small and Medium Enterprises. (n.d.). Annual report 2023–24. Retrieved March 31, 2025, from https://msme.gov.in/sites/default/files/FINALMSMEANNUALREPORT2023-24ENGLISH.pdf 21. Waghmare, A. (2024, February 9). Access to phones and the internet. Data for India. https://www.dataforindia.com/ comm-tech/ 22. Government of India Ministry of Electronics and Information Technology. (n.d.). IndiaAI. Retrieved March 31, 2025, from https://indiaai.gov.in 23. Telangana AI Mission. (n.d.). To make Hyderabad amongst top 25 global AI innovation hubs. Retrieved March 31, 2025, from https://ai.telangana.gov.in 24. The Hindu. (2024, November 15). Centre of excellence in AI to come up in Bengaluru. https://www.thehindu.com/news/ cities/bangalore/centre-of-excellence-in-ai-to-come-up-in-bengaluru/article68868424.ece 25. Toyoglu, H., et al. (2023, September 21). Charting AI’s successful course in predictive maintenance. BCG. https://www.bcg.com/publications/2023/predicitive-maintenance-in-manufacturing Transforming Small Businesses: An AI Playbook for India’s SMEs 52

Transforming Small Businesses 2025