In a landmark address at the ASSOCHAM-hosted Global SME Conclave in New Delhi, Khagen Murmu, a key parliamentary figure on MSME matters, proclaimed India’s FTAs with UAE, Australia, and EU as pivotal shifts for small and medium enterprises. These deals are not just trade pacts; they’re catalysts reshaping competitiveness.
By minimizing tariffs, Indian products in high-potential areas like apparel, crafts, and engineering goods are gaining massive traction abroad. With SMEs driving nearly half of the nation’s exports, their integration into international supply networks is accelerating at breakneck speed.
Murmu envisioned a future where domestic-focused SMEs evolve into vital global suppliers. Discussions at the event zeroed in on innovative financing, digital adoption, and strategies to sharpen export edges. Government-backed platforms such as Udyam and GeM are revolutionizing access, empowering direct seller-buyer links.
However, panelists called for robust training and outreach to maximize uptake. Padma Jaiswal highlighted transformative tech like AI and online services, projecting $500 billion in untapped opportunities. She noted digital services’ 25% slice of exports and GDP, underscoring how these tools bypass intermediaries and optimize workflows.
“For SMEs, embracing digital is imperative to penetrate global arenas, boost productivity, and expand footprints,” Jaiswal urged. Regulatory tweaks and digital evolution promise to propel SMEs into their next growth phase, fortifying India’s economic narrative on the world map.