PM Modi Calls for Safeguarding Interests Of MSMEs, Farmers At G20 Trade Meet

New Delhi, Aug 24 (KNN) Prime Minister Narendra Modi on Thursday emphasized on India's role in safeguarding the interests of farmers and small businesses during the 12th WTO Ministerial Conference held last year and called for increased focus on supporting Micro, Small, and Medium Enterprises (MSMEs).

Addressing the G20 Meeting of Trade and Investment Ministers in Jaipur via video message, he said “MSMEs account for 60 to 70% of employment and contribute 50 percent to the global GDP. They need our continued support. Their empowerment translates to societal empowerment. For us, MSME means - Maximum Support to Micro, Small, and Medium Enterprises,”

He underlined the positive impacts of trade and globalization, which have not only facilitated the exchange of ideas and cultures but have also lifted millions out of extreme poverty.

“Throughout history, trade has led to exchange of ideas, cultures, and technology. It has brought people closer. Trade and globalization have also lifted hundreds of millions out of extreme poverty,” PM Modi said.

He also pointed out that India has become the fifth-largest global economy over the last nine years, achieved through initiatives like “reform, perform, and transform.”

“We have increased competitiveness, and enhanced transparency. We have expanded digitization, and promoted innovation. We have established dedicated freight corridors and built industrial zones. We have moved away from red tape to red carpet and liberalized FDI flows,” Prime Minister Modi said.

The prime minister credited flagship campaigns like "Make in India" and "Aatma Nirbhar Bharat" as key contributors to India's manufacturing growth.

Addressing the challenges posed by the pandemic and geopolitical tensions, PM Modi stressed the G20's responsibility in revitalizing international trade and investments.

“We must build resilient and inclusive global value chains that can withstand future shocks. In this context, India's proposal to create a Generic Framework for Mapping Global Value Chains is important. This framework aims to assess vulnerabilities, minimize risks, and enhance resilience,” he said.  (KNN Bureau)