Union Minister Jitin Prasada highlighted the potential for India’s Micro, Small, and Medium Enterprises (MSMEs) to grow through recent Free Trade Agreements (FTAs) with key global markets. These agreements with regions like the European Union, the United Kingdom, Australia, and New Zealand offer Indian MSMEs enhanced access to developed markets. Prasada urged a shift from quantity-focused to quality-centric manufacturing to meet the high standards demanded by these markets.
Prasada stressed the need for Indian manufacturers to meet global quality expectations as around 65% of developed markets are now covered by FTAs. He cautioned against allowing substandard imports into India through zero-duty access. The FTAs are anticipated to enhance MSME exports by integrating them into global value chains and providing equitable market access for small businesses. Additionally, Prasada encouraged MSMEs to leverage technologies like Artificial Intelligence for improved productivity and decision-making across various sectors.
Chairman and Managing Director of the National Small Industries Corporation (NSIC), Subhransu Sekhar Acharya, emphasized the importance of supporting women-led enterprises through digital empowerment and skill development. He highlighted the Trade Enablement and Marketing (TEAM) initiative aiming to onboard five lakh MSMEs on the Open Network for Digital Commerce (ONDC) platform, with half of them being women-led. Poonam Sharma, National President of FICCI Ladies Organisation (FLO), underlined the role of women-led MSMEs in driving inclusive economic growth and FLO’s efforts to empower women economically through entrepreneurship support and policy advocacy.
