SBI Report Highlights 76% Productivity Boost from ICT Adoption
ICT adoption can boost labour productivity by 76%, says SBI report
Image: Asianet Newsable
A State Bank of India report indicates that adopting Information and Communication Technology (ICT) can enhance labor productivity by up to 76%. ICT also encourages firm registration, improving access to credit and formal market benefits, particularly in manufacturing and trade sectors.
- 01A one-unit increase in the ICT adoption index correlates with a 76% increase in labor productivity.
- 02ICT adoption boosts the likelihood of firm registration by an average of 84 percentage points.
- 03Registered enterprises have a 6.90 percentage points higher chance of obtaining credit compared to non-registered ones.
- 04Average loan amounts for registered enterprises are approximately ₹5 lakhs, compared to ₹75,000 for unregistered ones.
- 05The report recommends enhancing affordability of ICT technologies and implementing scorecards for Udyam registered enterprises.
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The State Bank of India (SBI) has released a report stating that the adoption of Information and Communication Technology (ICT) can significantly enhance labor productivity, with potential increases of up to 76%. The report highlights that ICT not only serves as a productivity-enhancing tool but also facilitates firm formalisation, leading to greater integration into formal systems such as payments and compliance. It notes that firms adopting ICT are 84 percentage points more likely to register formally, which in turn improves their access to credit. Registered enterprises enjoy an average loan amount of about ₹5 lakhs, compared to ₹75,000 for unregistered enterprises. The report emphasizes the importance of affordable ICT technologies and suggests creating scorecards for Udyam registered enterprises to aid in formalisation efforts.
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The findings suggest that increased ICT adoption can lead to higher productivity and better access to financial resources for businesses.
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