Ahead of the virtual G20 Leaders’ Summit scheduled for November 22, Indian finance minister Nirmala Sitharaman expressed India’s readiness to take charge in ensuring the implementation of the “Jaipur Call for Action” through the G20 and WTO. Sitharaman emphasized that India can play a crucial role in harnessing the complete potential of Micro, Small, and Medium Enterprises (MSMEs). In August, G20 trade ministers issued the Jaipur Call for Action, aiming to enhance access to information for MSMEs worldwide.
Recognizing the challenges faced by MSMEs, particularly in developing countries, G20 leaders in their New Delhi Declaration promised to address these concerns. Sitharaman highlighted the significance of MSMEs in the Indian economy, noting that they are the growth engines. She reiterated the G20’s commitment to integrating MSMEs into international trade, as they account for a substantial portion of businesses, employment, and global GDP.
Sitharaman acknowledged that MSMEs often encounter limited access to information, hampering their participation in international trade. She emphasized that the COVID-19 pandemic has added to the existing global economic crises, slowing down the recovery process. To ensure strong, sustainable, balanced, and inclusive growth, Sitharaman called for global and domestic policy coordination.
India’s proposal to lead the way in advancing MSMEs at the G20 is expected to elevate the attention given to this crucial sector and foster its inclusive growth worldwide.
