India’s large companies should handhold MSMEs: Piyush Goyal

Goyal, Indian minister of commerce and industry, consumer affairs, food and public distribution, and textiles, noted that MSMEs flourish around a larger unit or anchor. He also said that MSMEs have more practical solutions, day-to-day experiences, and having learnt the hard way, are able to adapt to circumstances better than large companies. He said large companies must be sensitised to handhold MSMEs associated with them, according to a press release by India’s ministry of commerce and industry.

Large companies in India were urged to take the responsibility of handholding MSMEs, help them adapt best practices, and integrate them into the supply chain ecosystem by Union minister Piyush Goyal. He was speaking at the recently held fourth plenary session of the B20 India Inception Meeting on Building Resilient Global Value Chains in Gandhinagar.

Goyal emphasised that setting global benchmarks, harmonising Indians standards with global standards, and consumers becoming more demanding of quality are essential for India to become a global key player.

The minister added that India faced the COVID-19 crisis with exemplary resilience, which has been recognised the world over. “India is one of those countries that through the entire period of the COVID-19 pandemic never let down a single business commitment. Every service commitment was met without any disruption, there was not a single day of power failure, energy shortage, and no law-and-order problem,” he commented.

On the India-UAE Comprehensive Economic Partnership Agreement (CEPA), Goyal said that MSMEs of both the countries will be its biggest beneficiary. He also revealed that India is in talks with some of the larger companies of the UAE to take full advantage of the CEPA.

Goyal commented that the government is looking at each district and its potential to emerge as an export hub. It is coordinating at district and state levels to see how businesses can be connected with world markets, making each district realise its role in value chains.

Fibre2Fashion News Desk (NB)