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MSMEs can protect the Indian Economy from a Recession, According to Narayan Rane

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Union Minister for MSME Narayan Rane stressed the importance of India’s G20 Presidency year for business and all parties involved in the MSME sector on Monday, saying that the country must work hard to achieve self-reliance. The minister claimed that India can protect itself from the impending global recession by bolstering the MSME sector.

“Many countries, including Britain, are currently experiencing a severe financial crisis. Our goal must be to prevent any financial disaster in India and harm to its people. At the PHDCCI States’ Policy Conclave 2022 in the nation’s capital, which had the theme “Make in India, Make for the World,” he added that everyone’s involvement will be essential to achieving this goal.

Rane spoke on the importance MSMEs play in the nation and claimed that the sector has a significant potential to boost exports from India. MSMEs make up 49% of the nation’s exports. The industry has a lot to offer in terms of boosting exports and lowering imports. To eliminate the need to import such goods from elsewhere, we must aggressively consider creating in India, he said.

The minister continued by stating that innovation is crucial to any company’s future success. He said, “It is important to concentrate on developing new technologies and capacities of our MSMEs.

Rane elaborated on the idea that MSMEs are the country’s main driver of economic growth, claiming that the sector not only creates jobs but also helps the Indian economy’s socioeconomic expansion. “The MSME sector contributes 30% to the GDP. Only the MSMEs can lead from the front in achieving Atmanirbharta, he claimed.

Numerous dignitaries and business people attended the event, where they discussed a variety of topics. Manjeev Singh Puri, a former Indian ambassador to Nepal, the EU, Belgium, and Luxembourg, stressed how positive outcomes from the G20 may be advantageous for both India and the rest of the globe.

The focus of India’s G20 presidency is human-centered globalization. It is anticipated to have a significant impact on the design and debate of international policies that will shape the new global order and establish the post-pandemic economic agenda, the official added.

The ambassador of Nepal to India, Shankar Prasad Sharma, also spoke at the meeting and said that India will be able to compete on a higher level thanks to this chance.

Thampy Koshy, CEO of ONDC, was one of the other industry professionals who spoke about the function and importance of ONDC. He also discussed the drawbacks of the e-commerce business, which is dominated by large firms through exclusive strategic platforms and has an impact on participants in small and medium-sized industries.

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