Goyal wants to adopt Singapore model for upgrading MSMEs
India is in dialogue with some of the larger companies of UAE to leverage best out of the India-UAE CEPA, Commerce and Industry Minister Piyush Goyal has said at the Fourth Plenary session of B20 India Inception Meeting on 23 Jan 2023.
“Both the countries are engaging with each other and exploring opportunities to meet the needs of each other countries,” said Goyal, adding that the MSMEs of both the countries will be the biggest beneficiary of this agreement.
Speaking at the meeting on Building Resilient Global Value Chains in Gandhinagar, the Minister has called for a study on how Singapore has been doing it right as a trading hub, adding that the study must be used as a basic framework for supporting Indian MSMEs.
He also stressed that MSMEs must bring trust to the table which is the most important element of any value chain.
On integrating India with global value chains, Goyal said, “If we do not harmonize our value chains with the rest of the world, or if we don’t create logistics which are easier and faster, it would be difficult for international companies to get India into its value chain.”
To become a trusted and resilient partner in global value chains, the Government is also focusing on creating an enabling ecosystem, that is simpler, faster and promotes ease of doing business, he told the meeting.
The Government is focused on trying to make Indian industries to accept Quality as a most important factor in the success story of India.
The Minister emphasized that setting global benchmarks, harmonizing Indians standards with global standards, and consumers becoming more demanding of quality are essential for India to become a global key player.
He has also called on large companies to handhold MSMEs, help them adapt best practices and integrate them into the supply chain ecosystem.
The Minister stressed that large companies must be sensitized to handhold MSMEs associated with them. “We must also try to make it easier to operate for small companies, eliminate unnecessary paperwork, make custom processes simpler, and use technology to ease and simplify processes.
Goyal noted that MSMEs flourish around a larger unit or anchor.
Citing an example, he said, as Apple’s manufacturing plant comes up, thousands of MSME units will flourish in the ecosystem as mini value chain suppliers to the giant high-tech manufacturer.
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. fiinews.com