New Delhi, Dec 19 (KNN) Small and Medium Enterprises (SMEs) should tap the opportunity to become part of the global value chain, Minister of Commerce and Industry and Civil Aviation, Suresh Prabhu, said in his inaugural address at the 15^th Global SME Business Summit in New Delhi.

"For our SMEs to collaborate with global partners and become part of global value chain, our government has been working on policies and action plans that will support SMEs in different ways. We have also been working on facilitating export and protection of intellectual property rights," he added.

Prabhu said that the New Industrial Policy framed by the Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce, which will get Cabinet nod soon, will benefit the MSMEs of the country in a big way.

MSMEs are contributing around 45% in the country's exports, 24.63% to the GDP from service activities and 33.4% to the manufacturing output.

Secretary MSME, Dr. Arun Kumar Panda, said that with the implementation of GST MSMEs have undergone huge transformational changes to their benefit.

He said that more than one million MSMEs, are now registered with GSTN and have become part of the formal sector which has given them the opportunity to link themselves with national as well global value chains.

The Global SME Business Summit, 2018 is being organized by Ministry of MSME in partnership with Confederation of Indian Industry (CII) from 19 – 20 December, 2018 in New Delhi.

It was organized with the objective to boost the global competitiveness of the Indian MSMEs by apprising them of the global trends, global practices and standards along with arranging experience sharing and B2B meeting with SMEs from across the globe.

The theme of the Summit is ‘Building Partnerships through Global Value Chains’.

Discussions and deliberations held over two days of the Summit will act as a platform to disseminate information on global demand for SMEs products, the ongoing disruptions in Global Value Chains, technology diffusion, Ease of Exporting through E-Commerce and International Business Forums, developing strategies to penetrate new markets through trade associations and Digital Entrepreneurship, Standardization for SMEs and Alternative & Export Financing. 

SMEs from 56 countries including China, Germany, Japan, Sweden, Indonesia Italy, Korea, Singapore, Kenya, Bangladesh, Sri Lanka are participating in the Summit.