2 weeks ago
MSMEs urged to leverage trade pacts to boost exports
India has many small and medium businesses, which people call MSMEs.
These businesses make a lot of the things India sells to other countries.
Prime Minister Narendra Modi made a speech on India's Independence Day.
He said India has made special trade agreements with about 40 countries since 2014.
Trade agreements are like friendly rules that make it easier for countries to buy and sell things from each other.
He told small businesses to use these agreements so they can sell more products all over the world.
Things like clothes, machines and medicines could be sold to more countries.
People who run export companies said this is a great idea.
They promised to help small businesses learn the rules so they can sell their products globally.
This could help India grow and create more jobs.
PM Narendra Modi said India has finalised free trade agreements with about 40 countries since 2014 and urged MSMEs to use them.
Modi called on small enterprises to expand the global reach of Indian textiles, machinery and medicines.
Exporters including FIEO Director General Ajay Sahai welcomed the call, saying FTAs help MSMEs integrate with global value chains.
Former Council for Leather Exports chairman Aqeel Panaruna said India is positioned for sustained growth and committed to Viksit Bharat by 2047.
MSMEs account for about 35.4% of India's manufacturing, 48.58% of exports and 31.1% of GDP, employing over 32.82 crore persons.
- Who
- Prime Minister Narendra Modi, MSMEs, and exporters including FIEO Director General Ajay Sahai and former Council for Leather Exports chairman Aqeel Panaruna
- What
- Modi urged MSMEs to fully leverage India's network of about 40 free trade agreements to convert the pacts into export orders and expand the global reach of Indian products
- Where
- New Delhi, India
- When
- Saturday, when the PM addressed the nation on the 80th Independence Day
- Why
- To help small businesses access larger global markets, integrate with global value chains, improve competitiveness and boost Indian exports
Key facts
- Speaker
- PM Narendra Modi on India's 80th Independence Day
- FTAs finalised since 2014
- About 40 countries
- MSME share of India's exports
- 48.58%
- MSME share of manufacturing
- 35.4%
- MSME contribution to GDP
- 31.1%
- MSME enterprises
- Over 7.47 crore
- Employment provided
- Over 32.82 crore persons
- Employment rank
- Second-largest employer after agriculture
Quotes
Aqeel Panaruna
Former chairman, Council for Leather Exports
“"We remain committed to strengthening Indian manufacturing, generating large-scale employment and contributing meaningfully to the vision of Viksit Bharat by 2047."”
thehansindia.com
Ajay Sahai
Director General, Federation of Indian Export Organisations
“"FTAs are not merely about tariff concessions; they provide MSMEs a gateway to integrate with global value chains, access larger markets and enhance their competitiveness. With preferential market access now available across several major economies, the real opportunity lies in converting these agreements into export orders."”
thehansindia.com
Sources
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