Indian Prime Minister, Mr. Narendra Modi, has emphasized the need for greater attention towards micro, small, and medium-sized enterprises (MSMEs), which contribute significantly to employment and global GDP. He commended the government’s continuous efforts that have propelled India to become the world’s fifth-largest economy, transitioning from bureaucracy to business-friendly practices. Mr. Modi expressed the administration’s determination to elevate India to the rank of the third-largest global economy in the near future.
Speaking virtually at the opening of the G20 Trade and Investment Ministerial event in Jaipur, Mr. Modi underscored the significance of MSMEs in the global economy and stressed the necessity for their sustained support. He highlighted the challenges arising from the swift growth of cross-border e-commerce and urged collaboration among G20 trade ministers to ensure fair competition between large and small sellers. The Prime Minister also drew attention to issues related to consumer protection, equitable pricing, and grievance management in this context.
Mr. Modi lauded India’s successful efforts in securing a consensus at the World Trade Organisation (WTO) to safeguard the interests of farmers and small businesses. He stated that the current global challenges, including the pandemic and geopolitical tensions, have posed trials for the world economy. Within the G20 framework, he called for the restoration of confidence in international trade and investments, emphasizing the need to build resilient and inclusive global value chains capable of withstanding future shocks.
One of India’s notable proposals involves the creation of a Generic Framework for Mapping Global Value Chains, aiming to assess vulnerabilities, mitigate risks, and enhance overall resilience. This framework has gained importance in the context of ongoing efforts to rebuild and fortify global economic stability. Throughout the series of working group sessions that began in March, five key areas were identified for focus: fostering trade for growth and prosperity, establishing resilient trade and global value chains, integrating MSMEs into the world trade system, optimizing trade logistics, and implementing reforms within the WTO.
