The opportunity does not automatically translate into growth

India’s expanding network of free trade agreements (FTAs) and economic partnerships is opening new opportunities for micro, small and medium enterprises (MSMEs) to expand their global footprint, but improving quality and cost competitiveness will be critical for converting these opportunities, said MSME ministry secretary Bharat Khera.

He underlined the need for enterprises to build greater trust through quality and become globally cost-competitive.

Speaking at the CII Global MSME Business Summit, Khera said government schemes aimed at promoting exports would need to be complemented by practical assistance and handholding, particularly for first-time exporters.

The goal, he said, is to make MSMEs more productive, innovative, resilient and globally confident. “One that creates more employment, contributes much more to exports, strengthens the manufacturing and supply chain,” he said.

The secretary highlighted the five priority areas for the government to enhance MSME competitiveness:

• Formalisation,
• Access to finance,
• Technology and quality,
• Export competitiveness,
• And entrepreneurship and enterprise development

These five key points are closely interconnected, according to Khera. “Formalisation improves access to finance, technology and quality upgrades support productivity, and stronger export capabilities create opportunities for sustainable growth,” he said.

The MSME sector accounts for 30% of the gross domestic product (GDP) and around 49% of exports. Improving quality, cost competitiveness and export potential is becoming increasingly important for the sector’s growth.

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