Corporate India Must Strengthen Ties with MSMEs to Drive Economic Growth: FM Sitharaman

New Delhi, Dec 12 (KNN) Finance Minister Nirmala Sitharaman on Wednesday emphasized the critical role of small and medium enterprises (MSMEs) in shaping India’s economic priorities for the coming decade.

Speaking at the CII Global Economic Policy Forum, she urged corporate India to collaborate with MSMEs to bolster large-scale industries, generate employment, and address evolving global challenges.

The minister underlined the pressing global issue of inflation, which has surged to 6.21 per cent in India for October, marking a 14-month high.

Highlighting its global nature, Sitharaman stated, “Inflation is a challenge that no country can tackle in isolation. Restoring global normalcy should be the priority for this decade.”

Sitharaman stressed that MSMEs, long the backbone of India’s economy, must integrate with large industries to achieve a balance of scale, spread, and job creation. “Economic success must blend large, medium, and small industries to ensure equitable distribution of benefits,” she said.

The government, in this regard, has invited private partnerships for 20 MSME technology centers to spur innovation and growth.

Additionally, Sitharaman encouraged industries to invest in workforce training in collaboration with the government. “Without specific skill training, industries will struggle to secure the manpower they need,” she cautioned.

Addressing global economic disruptions, the finance minister called for a collective effort to restore stability. “Commercial considerations must align with political and strategic priorities. The lessons of the past decade urge us to realign policies accordingly,” she stated, urging industries to adapt to new challenges.

India’s advances in digital infrastructure, including the Digital Public Infrastructure (DPI), Open Network for Digital Commerce (ONDC), and Agri Stack, were highlighted as transformative tools democratising market access.

Farmers, for instance, are now able to tap into global markets due to technological innovations, with Agri Stack poised to revolutionize agriculture.

Concluding her address, Sitharaman reaffirmed India’s commitment to fostering collaboration across sectors to achieve sustainable growth and job creation in the decade ahead.

(KNN Bureau)