PM Narendra Modi emphasized the need to rebuild confidence in global trade and investment processes, particularly in light of the current turbulence in the global economy and geopolitical uncertainties. During his address at the G20 trade and investment ministers' meeting in Jaipur, he proposed the development of a "generic framework for mapping global value chains." This framework aims to assess vulnerabilities, minimize risks, and enhance resilience.
Modi's statement comes at a time when countries worldwide are facing shortages and restricted access to critical inputs. He emphasized the importance of establishing resilient global value chains capable of withstanding future shocks, as trade barriers, including import and export restrictions, have been erected by countries in recent years.
The Prime Minister also stressed the need to focus on small businesses and provide them with equal opportunities to compete, especially in the e-commerce sector. He highlighted India's commitment to supporting Micro, Small, and Medium Enterprises (MSMEs) through platforms like GeM (Government e-marketplace) and ONDC (Open Network for Digital Commerce), which have integrated MSMEs into public procurement.
Discussing the proposed 'Jaipur Initiative' aimed at facilitating the flow of information to MSMEs, Modi mentioned its significance in addressing challenges related to market access and information gaps faced by these enterprises. He also noted that enhancing the global trade helpdesk would increase MSMEs' participation in international trade.
Despite contributing significantly to the global GDP and employing 60%-70% of the workforce, MSMEs often face unequal opportunities. PM Modi highlighted India's role as a symbol of openness, opportunities, and choices, expressing optimism about the country's economy and its global standing.
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