Prime Minister Narendra Modi on Thursday called for greater attention to micro, small and medium enterprises (MSMEs) that account for 60-70 per cent of employment and contribute 50 per cent to the global gross domestic product (GDP).
India has become the fifth-largest global economy as a result of the government’s sustained efforts over the past nine years and has also moved away from “red tape to red carpet”, he said. The government is committed to making India the third-largest global economy in the next few years, he said.
Modi was speaking virtually at the opening of the two-day G20 Trade and Investment Ministerial in Jaipur. The meeting was preceded by the fourth and last Trade and Investment Working Group (TIWG) meeting under India’s G20 Presidency on August 21-22.
“We must pay more attention to MSMEs, given their key role in the global economy... They need our continued support. Their empowerment translates to societal empowerment,” Modi said.
The PM also suggested the G20 trade ministers work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing cross-border e-commerce. He also emphasised on the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms.
He said India was able to forge a consensus to safeguard the interests of millions of farmers and small businesses at the World Trade Organization (WTO).
Also Read
Three-day-long G20 event in Kashmir to begin today: All you need to know
Crisis in multilateralism affecting developing nations most: PM at G20 meet
G20 foreign ministers' meeting today: Schedule, agenda, other details here
G20 foreign ministers' meeting to kick off in Delhi today; all details here
LIVE: Blinken asks for 'contact' with Russian Foreign Minister Lavrov
India, US looking at ending poultry dispute at WTO, says official
BRICS to have 6 new members with 'deep ties' to India, says PM Modi
India's overdrive to trim fuel output investments threatens supply security
Oil down on weak economic data, US Fed chief's speech in spotlight
Rupee appreciates 25 paise to 82.47 against US dollar amid foreign inflows
“Current global challenges, from the pandemic to geopolitical tensions, have tested the world economy. At G20, it is our responsibility to rebuild confidence in international trade and investments. We must build resilient and inclusive global value chains that can withstand future shocks. In this context, India's proposal to create a Generic Framework for Mapping Global Value Chains is important. This framework aims to assess vulnerabilities, minimise risks, and enhance resilience,” Modi said.
During the working group meetings that started in March, five priority areas were identified – trade for growth and prosperity, resilient trade and global value chains, integrating MSMEs in world trade, logistics for trade, and WTO reforms.
Even as meetings of the officials from all the G20 nations have been making good progress, uncertainty continues whether there will be a joint communique at the end of the ministerial meeting on Friday. This is because of the past trends of not having a joint communique due to diplomatic tussles between the West and Russia over the war in Ukraine.