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PM Modi Urges G20 Nations to Prioritize Farmers And MSMEs In Global Economy
- Prime Minister Narendra Modi calls upon G20 countries to pay attention to the crucial roles of farmers and micro, small, and medium enterprises (MSMEs) in the global economy.
- During a G20 trade meeting, he emphasizes the importance of supporting MSMEs and highlights India's initiatives for economic growth and digital innovation.
Prime Minister Narendra Modi urged G20 nations to focus more on farmers and micro, small, and medium enterprises (MSMEs) due to their vital role in the global economy. He also redefined MSME as 'Maximum Support to Micro, Small, and Medium Enterprises,' emphasizing their significance for India. Speaking during the G20 trade and investment ministerial meeting (TIMM) in Jaipur, Modi expressed faith in the World Trade Organization (WTO) as a rules-based multilateral trading system that needs reform to meet new challenges.
Modi highlighted that MSMEs contribute 50% to global GDP and account for 60-70% of employment. He stressed the necessity of ongoing support for these enterprises and their role in societal empowerment. Modi also introduced the "Jaipur Initiative," aimed at facilitating information flow to MSMEs and addressing challenges related to market access. He anticipated that upgrading the Global Trade Help Desk would boost MSME participation in global trade.
The Prime Minister underscored India's role as an optimistic and confident global player, focusing on initiatives like Make in India and Aatmanirbhar Bharat to promote manufacturing and policy stability. He urged G20 nations to harness technology's transformative power in trade and emphasized digitization's potential for enhancing market access.
Modi emphasized the collective responsibility of the G20 in restoring confidence in international trade and investment processes. He expressed confidence that the group would work together to transition the global trading system into a more inclusive and representative future.
