MSMEs in India need to reposition due to global challenges : Global SME Summit 2016
Manishika Miglani
“India is a market that needs to reposition itself in the backdrop of challenges faced by the MSME sector due to globalisation 2.0,” said Surendra Nath Tripathi, Additional Secretary & Development Commissioner, Government of India while addressing the 13th Global SME Summit 2016 organised by Confederation of Indian Industry (CII) in New Delhi.
According to Tripathi, the ministry is looking at making MSMEs globally competitive with the ongoing steps that the Govt is taking in ease of doing business and also with the implementation of the Goods and Services Tax (GST). The latter will specifically be a key enabler for smaller enterprises which need to enhance their business competitiveness by a simplified taxation system.
The conference was also addressed by Giriraj Singh, MoS, Ministry of MSME, who talked about the quick procedure of registering an SME in the business-friendly environment of today. “Now, it takes only 3-6 minutes to register an SME online which reflects the ease of doing business in India,” Singh emphasised.
The annual summit had engaging discussions about India’s emerging opportunities with Egypt, UAE and Latin America in the SME segment.
The relationship that India has formed with all the three countries in the recent years has improved its bilateral trade, which increased by over 60% in the last five years. Trade has been strengthened by the signing of MoUs in the field of engineering and vocational training between the three countries followed by an enhancement of financial and non-financial services for MSMEs.
Talking about India’s trade relation with UAE, the conference shed light on the string of agreements signed between the two countries in the field of infrastructure development, energy and cyber space. It was followed by talks about India being a major economic force in Latin America as well.
The 13th Global SME Business Summit began on November 22 at New Delhi and continued till November 23 with more than 1000 participants from over 20 countries taking part in it.
to success.