PM Modi calls for G20 trade tp pay attention to farmers and MSMEs, stresses their vital roles in global economy
In the meet for the G20 trade nations, Prime Minister Narendra Modi emphasized the vital role of farmers and micro, small, and medium enterprises (MSMEs) in the global economy. He urged the international community to pay more attention to these sectors, given their significant contribution to employment and GDP. In a video message at the opening of the two-day trade and investment ministerial meeting (TIMM) held in Jaipur, PM Modi highlighted the importance of supporting these sectors, particularly in India.
Modi Advocates WTO Reforms:
PM Modi expressed his faith in the World Trade Organisation (WTO) and its role in the multilateral trading system. He called for reforms within the WTO to address emerging challenges and emphasized that India stands for a rules-based, open, and inclusive trading system. India’s advocacy for the concerns of the Global South during the 12th WTO Ministerial Conference led to consensus on safeguarding the interests of farmers and small businesses.
VIDEO | “Initiatives like 'Make In India' and 'Atmanirbhar Bharat' have given a boost to manufacturing. We are committed to make India the third largest global economy in the next few years,” says PM Modi in his virtual address at the G20 Meeting of Trade and Investment Ministers… pic.twitter.com/vEY7gYRQII
— Press Trust of India (@PTI_News) August 24, 2023
Notably, PM Modi shared that MSMEs account for 60-70% of employment and contributes 50% to the global GDP. Recognizing their significance, he stressed the need for continued support to empower them, which in turn translates to societal empowerment.
Modi’s MSME Empowerment Initiative:
PM Modi proposed a new definition for MSME, standing for ‘Maximum Support to Micro, Small, and Medium Enterprises’. He highlighted the integration of MSMEs into public procurement through the Government e-marketplace, facilitating their participation in trade. He emphasized India’s commitment to the ethos of ‘Zero Defect’ and ‘Zero Effect’ on the environment and noted that increasing MSME participation in global trade and value chains has been a priority.
PM Modi anticipated that the ‘Jaipur Initiative’ discussed at the TIMM will enhance information flow to MSMEs and address challenges related to inadequate access to market information. He expressed confidence that the upgraded Global Trade Help Desk will boost MSMEs’ participation in global trade.
Read more:- G20 Countries Spent a Record $1.4 Trillion in Fossil Fuel Subsidies!
Impact of trade and globalization:
Highlighting the impact of trade and globalization in lifting millions out of poverty, PM Modi called for the development of resilient and inclusive global value chains. India’s proposal for a Generic Framework for Mapping Global Value Chains aims to assess vulnerabilities, minimize risks, and enhance resilience.
Aatmanirbhar Bharat:
Acknowledging the challenges posed by the pandemic and geopolitical tensions, PM Modi also emphasized the G20’s role in rebuilding confidence in international trade and investments. He asserted that the Indian economy is viewed with optimism and confidence, having achieved the status of the world’s fifth-largest economy over the last nine years. India’s journey towards becoming the third-largest global economy is characterized by reforms, increased competitiveness, transparency, digitization, innovation, infrastructure development, policy stability, and initiatives like Make in India and Aatmanirbhar Bharat.
Initiatives like 'Make In India' and 'Atmanirbhar Bharat' have given a boost to manufacturing. We are committed to make India the third largest global economy in the next few years : PM Modi in his virtual address at the G20 Meeting of Trade and Investment Ministers
— K.P.Tomar (@harkhabarmedia) August 25, 2023
Read more:- ‘New age policies needed for new age workers’ says PM Modi at G20 Indore meet.
Digitalization of Trade Documents:
PM Modi urged the G20 to harness technology’s transformative power in trade, citing the success of the Goods and Services Tax (GST) in creating a single internal market and initiatives like the Unified Logistics Interface Platform. He highlighted the potential of digitization and e-commerce in enhancing market access and welcomed the G20’s work on the ‘High Level Principles for the Digitalization of Trade Documents’.
The G20 comprises of 19 countries and the European Union, representing a substantial portion of the global GDP, trade, and population. PM Modi’s message underscored the significance of farmers and MSMEs and India’s commitment to an inclusive and dynamic global trading system.
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