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“For us, MSME means - Maximum Support to Micro, Small, and Medium Enterprises” said PM addressing G20 Trade and Investment Ministers’ Meeting

In his remarks, the Prime Minister welcomed everyone to the Pink City of Jaipur and said that the area is renowned for its vibrant and enterprising citizens. He emphasised how trade has always brought people together while also fostering the exchange of ideas, cultures, and technologies. Shri Modi continued, "Trade and globalisation have also helped hundreds of millions escape from abject poverty. 

The Prime Minister emphasised the worldwide excitement and confidence in the Indian economy by saying that India is now viewed as a combination of openness, possibilities, and options. The Prime Minister claimed that during the past nine years, India's economy has grown steadily and is now the fifth-largest in the world. The Prime Minister said, "We started the journey of "Reform, Perform, and Transform" in 2014, citing instances and mentioning increased competitiveness, improved transparency, growing digitization, and encouraging innovation. 

He continued by saying that India had created industrial zones and designated goods lanes. According to Shri Modi, "We have eliminated red tape in favour of a red carpet and liberalised FDI flows." He also noted programmes like Make in India and Aatma Nirbhar Bharat that have boosted manufacturing, as well as the stability of the country's policies. The administration is dedicated to make India the third-largest economy in the world within the next few years, the prime minister emphasised.

The G20 nations have a duty to restore confidence in international trade and investment, the Prime Minister said, shedding light on the current global difficulties, which range from the pandemic to geopolitical concerns. Building inclusive, robust, and global value chains that can endure shocks in the future was stressed by the prime minister. The Prime Minister emphasised the significance of India's proposal to develop a Generic Framework for Mapping Global Value Chains in this context in order to evaluate vulnerabilities, reduce risks, and improve resilience. 

The Prime Minister emphasised that India supports a global trading system that is founded on rules and is open, inclusive, and centrally organised around the WTO. At the 12th WTO Ministerial Conference, when countries were able to reach an agreement on defending the interests of millions of farmers and small enterprises, he emphasised that India has spoken out for the issues of the Global South. Given their crucial position in the global economy, he emphasised the need to pay more attention to MSMEs. The Prime Minister stated that "MSMEs account for 60 to 70 percent of employment and contribute 50 percent to the global GDP" and emphasised the importance of ongoing support for them since their empowerment results in social empowerment. The Prime Minister said, "For us, MSME stands for Maximum Support to Micro, Small, and Medium Enterprises." According to him, India has incorporated MSMEs into public procurement through the Government e-marketplace online platform and has been collaborating with the MSME sector to adopt the concept of "Zero Defect" and "Zero Effect" on the environment. 

In his remarks' conclusion, the prime minister emphasised that it is the G20's responsibility as One Family to rebuild trust in global trade and investment systems. He stated his belief that the working group will advance jointly to make sure that the global trading system progressively shifts to a more inclusive and representative future.