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The emerging industrial revolution referred to as Industry 5.0 is focusing on leveraging human creativity with intelligent and autonomous systems to derive user-friendly work environment for the businesses. Industry 5.0 stresses on people centric work ecosystem, zero accident policy and the well-being of labour within the production processes. This approach of Industry 5.0 to obtain human-centric safety solutions through the deployment of digital technologies deduces workplace accidents and costs leading to the development of Safety 4.0. This chapter aims to investigate the opportunities and challenges of Safety 4.0 and its enabling technologies aspiring towards the greater impact on safety management. Further, we have proposed a framework for the role of human centric digital transformations concerning safety in the manufacturing industry propelling Safety 4.0. Concluding, we discuss the implications for managers and practitioners. We found that Safety 4.0 will strengthen industrial safety, and instead of reacting to accidents, the concept evolved towards a preventive and proactive approach for a healthy industrial ecosystem.

Introduction: Micro, small, and medium enterprises (MSME) have long been viable in the Indian economy. In the case of post-COVID-19, 20–40% of MSMEs in government can be permanently closed. The state should pay special attention to MSMEs for survival (Min, 2023).

Purpose: This chapter provides a framework for MSMEs to study industry challenges in Punjab and to discuss the conceptual framework and road map for future MSMEs in Punjab.

Need for This Study: The COVID-19 pandemic has drastically impacted the variable economic activities within the world. This study is responsible for explaining the different vulnerable sectors related to small- and medium-sized enterprises. On the other hand, this study is an analytical and descriptive research in nature.

Methodology: A mixed method of data collection has been used in this chapter. The data have been collected by floating a questionnaire to the various entrepreneurs of MSMEs. Secondary data have been collected through the Internet.

Findings: Through this research, we could analyse the MSMEs’ conceptual framework, the challenges they face, and the industrial units’ future roadmap.

Practical Implications: This research is mainly considered a clear explanation of current competition and market access challenges that small- and medium-sized enterprises face. This situation is derived due to the COVID-19 pandemic, so many enterprises are trying to find their exit ways. On the other hand, some MSMEs are trying to focus on the online business market to make some profit and to overcome the loss.